According to the findings of a new publication by Hamburg-based desk research specialist yStats.com, titled “South Korea B2C E-Commerce Market 2019,” this country is projected to jump two ranks up to become the third largest online retail market in the world by 2023.
As of 2019, South Korea ranks third worldwide by online retail sales. The B2C E-Commerce market is well advanced, taking up nearly a quarter of the country’s overall retail sales. Nevertheless, there is still room for more growth. The yStats.com report contains a projection that by around 2023, South Korea could ascend two ranks to become the world’s number three in online retail sales, surpassing Japan and the UK.
Coupang leads in South Korean E-Commerce
The future growth is expected to be driven by mobile commerce and payment services, as well as cross-border online shopping. Well over 50% of online retail sales in South Korea is generated on mobile devices, with this share is becoming larger every year, according to statistics cited by yStats.com. In terms of E-Commerce competition, the top market share is held by Coupang, followed by other market leaders including eBay Korea, 11st, and others.
For further information, see: https://www.ystats.com/wp-content/uploads/2019/09/2019.09.24_Product-Brochure-Order-Form_-South-Korea-B2C-E-Commerce-Market-2019.pdf
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About yStats.com
Founded in 2005 and headquartered in Hamburg, Germany, yStats.com is one of the world’s leading secondary market research companies. We are committed to providing the most up-to-date and objective data on Global B2C E-Commerce and Online Payment markets to sector-leading companies worldwide.
Our multilingual staff researches, gathers, filters and translates information from thousands of reputable sources to synthesize accurate and timely reports in our areas of expertise, covering more than 100 countries and all global regions. Our market reports focus predominantly on online retail and payments, but also cover a broad range of related topics including M-Commerce, Cross-Border E-Commerce, E-Commerce Delivery, Online Gaming and many others. In addition to our wide selection of market reports, we also provide custom market research services.
We are proud to cooperate with companies like Bloomberg and Thomson Reuters. Given our numerous citations in leading media sources and journals worldwide, including Forbes and the Wall Street Journal, we are considered one of the most highly-reputed international secondary market research companies with an expertise in the areas of B2C E-Commerce and Online Payment.
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