South Korea's B2C E-Commerce market projected to become the third largest in the world

By: GmbH
HAMBURG, Germany - Sept. 25, 2019 - PRLog -- According to the findings of a new publication by Hamburg-based desk research specialist, 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.

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 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 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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