Secure Online Payments with Growth in Demand from Middle Aged and Old-Aged Users will Boost the Market
The future of South Korea online retail market has been expected to bolster in the coming years with a rise in internet speed, reduction in internet charges and inclining m-commerce. These are backed by improvements in logistics and safer payment options with secure gateways. This would lead to surge in demand for online retail by the consumers. Therefore, the South Korea online retail market is expected to see an elevation in the gross merchandise value, with a CAGR of over 17% from 2015 to 2019. The gross merchandise value of the market is expected to reach USD 66 billion till 2019.
Furthermore, with advent of social commerce and technological changes in the market such as online tracking, e-mail alerts, better payment options and improved logistics and transportation networks leading to lesser risks could help induce momentum into the market. It is expected that there will be a rise in the number of online retailers in mobile and web segment to increase their penetration into the untapped potential of remote areas. The number of mobile and internet users in South Korea has also been witnessing an increasing trend. The number of mobile and internet users has reached the levels of 42.2 million and 41.1 million respectively. Hence online retailing and other new business models emerging in this space are also expected to gain popularity.
According to an industry veteran, “scope of mobile solutions in the payment industry in South Korea has been expanding rapidly from metropolitan areas to tier 2 and 3 cities with increased merchant acquisition and is expected to revolutionize the payment systems with an increase in m-wallet services throughout the country.”
“With the highest internet speed in the world and technology affluent customers, the online retail market in South Korea can be promoted to the next level of growth. The increase in O2O retailing will also transfer some traffic back to the offline stores. However, in spite of the efforts, cyber crimes and critical user information leakage has set a hindrance for the market, the challenge to improve the laws governing the control of information leakages will be considerable effort even after substantial improvement in IT infrastructure facilities”, according to the Research Analyst, Ken Research.
The report titled “South Korea Online Retail Market Outlook to 2019” provides detailed overview on the online retail market of South Korea and helps the readers to identify the ongoing trends in the industry and anticipated growth in future depending upon changing industry dynamics in coming years. The report will help government, industry consultants, online retailers, offline retailers, retail chains, manufacturers and other stakeholders to align their market centric strategies according to ongoing and expected trends in the future.
Key Topics Covered in the Report:
South Korea Online Retail Market
- Market Size by Gross Merchandise Value, Number of Orders by Product Type, Average Order Size by Product Type
- Market Segmentation by
- Product Type
- Mode of Distribution
- Trends and Development
- Competition and Market Share
- Important Mergers and Acquisitions
- Important Investments
- Growth Drivers
- Government Rules and Regulations
- Pre-Requisites to Enter the Market
- Analyst Recommendation
- Cause and Effect Relationship
- Future Outlook
- Macro Economic Parameters
Key Products Mentioned in the Report
Online Clothing, Footwear and Fashion Products
Online Books and Stationery
Online Beauty Products
Online Sports, Music and Entertainment Products
Online Food and Grocery
Online Baby Products, Household Goods, Motor Parts & Accessories and Garden Products
Companies Covered in the Report
eBay, GMarket, eBay Auction, 11 Street, Interpark, Lotte, Emart, GS Home Shopping, CJ O Shopping, Hyundai Home, Shopping, Lotte Home Shopping, Home and Shopping, NS Home Shopping, Fashion Plus, Dahong, Yesstyle.Com, Bershka.Com, Musinsa.Com, Fashionstart.Net, Elf Fashion, Hiphoper.Com, Etude House, Pore Lab, Thefaceshop, Missha, Roseroseshop, Moonshot-Cosmetics.Com, Naturerepublic.Com, Theskinfood.Com, Sokoglam.Com, Kyobo, Yes24, Aladin, Ypbooks.Co.Kr, Bandinlunis.Com, Libro.Co.Kr, Heyeonni.Com, Compuzone, Himart, Icoda, LG Electronics, B-Store.Co.Kr, Lots Etland, Hello Nature, KGC shop, Highstreet, Expatmart.Co.Kr, Fatbag.Co.Kr, Ezshopkorea.Com
Ankur Gupta, Head Marketing & Communications