South Korea's B2C E-Commerce market projected to become the third largest in the world
By: yStats.com GmbH
South Korea's advanced online retail market
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.
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