Online retail sales growth South Korea 2016-2023
In 2023, the sales growth of online retailing in South Korea was about 9.0 percent, exceeding the growth of the overall retail sector in the country of 6.3 percent. E-commerce has continuously increased over the last decade and exceeded the online transaction volume of 187 trillion South Korea won in 2021.
Online overseas shopping
Not only has domestic online retail experienced growth, but purchasing products online from overseas retailers has become more common, with the transaction value of direct overseas purchases increasing by over 770 percent since 2014. The list of items most commonly ordered online from overseas was topped by cosmetic products, overtaking categories such as fashion goods and music-related items by far.
Consumers’ preference
There are various reasons for consumers’ preference of online shopping over traditional in-store shopping. In a survey on the internet shopping behavior of South Korean consumers, good value and the convenience of being able to shop anywhere at any time were the most chosen responses. Convenient and fast delivery methods were also an important factor. While next-day delivery is becoming the standard for grocery deliveries, Coupang, an open market platform and one of the leading online shopping platforms in South Korea, is offering overnight deliveries for most products.
