Our Seoul-based team has completed a market intelligence report on the considerable ecommerce opportunities in South Korea – the latest in our series of market studies for the UK’s Department for International Trade (DIT).
And you can catch up with a recording of the report’s primary author - our Korean ecommerce specialist Dominika Kustosz-Lee – presenting the main findings from the study at a recent webinar.
Market intelligence report
Download your free copy of ‘e-Commerce in South Korea’ below.
It outlines that South Korea is the world’s fifth largest ecommerce market and the third biggest in Asia. Worth £53 billion in 2019 and seeing 6% annual growth, it’s forecast to hit £70 billion by 2024.
The country has the highest average Internet connection speed globally and deep Internet penetration. Mobile commerce is exceptionally strong: 93% of the population own a smartphone – with an average of six shopping apps installed – and almost 70% of online consumer sales were made via mobile last year.
Sales from the UK, China and Germany are set to see substantial growth over the coming years. British goods enjoy a particularly strong reputation among Koreans – especially in men’s fashion, accessories, confectionery, home décor and high-end beauty products.
So, the opportunities for ecommerce businesses to target Korea’s consumer market are huge.
Our report gives a detailed market overview and looks at the main domestic players, the big opportunity areas and – crucially – the pros and cons of a range of market entry options.
Download your copy here:
Our Seoul-based ecommerce specialist Dominika Kustosz-Lee presented highlights from the market report at a recent online event hosted by the Department for International Trade.
You can watch a recording of the event here:
Alternatively, if you’d like a one-to-one discussion of the opportunities in East Asia for your ecommerce business, contact Michal Waszkiewicz at firstname.lastname@example.org.