Datum Online Retail South Korea Forecast, 2023-28
$1,999.00
Online retail in South Korea is expected to grow at CAGR 7.9% from 2023-28 to reach $182.7 billion
South Korea's online retail market is poised to grow at a Compound Annual Growth Rate (CAGR) of 7.9% from 2023 to 2028. This robust expansion is expected to propel the market to reach a total value of $182.7 billion by 2028, further solidifying South Korea's position as a leading player in the global e-commerce landscape. High smartphone penetration, advanced logistical infrastructure and tech savvy population are the key drivers for online retail.
Highest per capita spending on online retail globally
Spending per online buyer to reach $4,286 by 2028, up 31% from 2023 in South Korea making it the country with highest spending on online retail globally.
Live commerce accounted for 1.3% of total online retail sales in 2023
In 2023, live commerce emerged as a significant player in the online retail landscape, accounting for a notable 1.3% of total sales. This innovative shopping format, which combines live streaming with real-time shopping capabilities, has seen rapid adoption by retailers and brands seeking to create engaging experiences for their customers. Naver shopping live and Kakao Shopping Live are the preferred destinations for live commerce buyers. We expect the share of live commerce in online retail to reach 6% by 2028.
Mobile accounts for 70.3% of online retail sales
Smartphone is the preferred device for online shoppers in South Korea accounting for 70% of total online retail sales. Categories with highest share of mobile commerce includes pet products (81.9%), Goods for infants and children (81.7%) and fashion & accessories (77.4%). In 2023.
Coupang leads in market share followed by Naver and Gmarket
Top three players accounted for 67.4% of market share in 2023. Coupang is the largest player with 39.7% market share due to its strong brand presence and customer-centric services, followed by Naver leveraging its search capabilities and Gmarket offering diverse products and competitive pricing.
The report provides historic and forecast data from 2009-23 for 11 categories in retail and online retail to understand the retail market in South Korea.
Quantity
Deliverables
- Executive summary report of key findings (44 Slides)
- Excel sheet with historic and forecast data
- Unlimited queries with analyst
- Analyst presentation customized for your team
Scope of The Report
- Total population – Historic and forecast data from 2009-23
- Online population - Historic and forecast data from 2009-23
- Online buyers – Historic and forecast data from 2009-23
- Online buyer for 11 categories
- Categories covered
- Computer hardware and software
- Consumer electronics
- Personal Care
- Clothing
- Footwear, Luggage and Accessories
- Sports and entertainment goods
- Homeware and furniture
- Toys
- Grocery
- Appliances (personal and home)
- Books and stationery
- Total retail sales – Breakdown by 11 categories
- Online retail sales - Breakdown by 11 categories
- Live commerce sales
- Online retail sales via mobile
- Category wise breakdown of retail sales via mobile
- Online retail sales – B2C vs C2C
- Online retail market share
Key Definitions
- Retail Sales. Retail involves selling consumer goods, excluding travel, cars, prescription drugs, restaurant sales, and gasoline sales.
- Online Retail Sales. Online retail refers to the process of purchasing goods and services through the Internet, where customers make financial commitments, typically via credit cards or other digital payment methods. This definition includes transactions made on mobile devices, web-enabled kiosks, and point-of-sale systems, with delivery options either at home or in-store. In-store pickup, where the purchase and payment are completed online, is also considered an online sale within the context of online retail.
- Online Buyers. Online buyers are defined as people who have completed at least one online purchase within the past 12 months.
- Online Retail Sales Via Mobile. Online retail sales by mobile refer to purchases made through mobile devices, such as smartphones and tablets, where customers browse, select, and pay for products or services via mobile applications or mobile-optimized websites.
Category Definitions
- Computer Hardware and Software.
- Computer Hardware. includes desktop computers, laptops, netbooks, and tablet PCs, but also a wide variety of peripheral devices such as keyboards, monitors, printers, cartridges, computer cables, and parts.
- Software. Includes software packages such as operating systems, anti-virus software, languages, video game software. Includes digital downloads
- Consumer Electronics
- Mobile. Smartphones and featurephones
- Video. including TVs, home entertainment systems, DVD players, and recorders, game consoles, static audio (such as hi-fi systems, CD players, and turntables), portable audio, car audio, and home communications equipment (such as telephones and other terminal equipment).
- Wearables. AR VR devices, smart glasses , smart rings etc.
- Personal Care
- Includes toiletries such as shaving cream, razors, oral care products, bath and shower gel, deodorants, baby and childcare products, depilatories, and sanitary products. This category also encompasses Haircare products like shampoo, colorants, mousses, etc., as well as Fragrances such as perfumes, aftershave, and scented oils. Color Cosmetics like lip- and eyeliners, powders, foundations, nail polish, mascaras, and lipstick are also included in this segment.
- Books and stationery
- Books. Hardback and paperback books, audiobooks, eBooks, and magazines.
- Stationary
- Clothing
- All clothing, including men's, women's, kids', and teens'. Includes sportswear
- Footwear, Luggage, Jewellery and Accessories
- Footwear. Includes athletic, leather, non-rubber. Includes men's, women's, kids', and teens'.
- Jewellery. Fine jewelry, imitation jewelry, watches.
- Luggage
- Appliances (personal and home)
- Small Appliances. Kitchen electrical (blenders, toasters, and food processors), home environment (humidifiers, dehumidifiers, air purifiers), floor care (vacuums), dinnerware, beverageware, cookware, bakeware, cutlery, flatware, linens, draperies, and window dressings
- Big household appliances (or white goods) such as refrigerators, ovens, and vacuum cleaners, television
- Personal appliances. Includes hair care appliances, body shavers, electric facial cleansers, oral care appliances and other personal care appliances.
- Homeware and furniture
- Household furniture and décor such as textiles such as curtains, carpets, and cushions.
- Homeware. Plasticware; glassware; dinnerware, ceramics; porcelain; cutlery; metalware; and woodware.
- Outdoor. BBQ's, garden sheds and outdoor furniture
- Lighting sources and light fixtures
- Toys
- Traditional toys, not including video games.
- Grocery
- Food and beverage sales, including canned goods, produce, etc. Does not include restaurant sales.
- Sports and entertainment goods
- All sporting goods equipment, including sporting products and fitness equipment. Does not include apparel and footwear.
Download Methodology and Forecast Shell
Related Products
What Sets Us Apart
Methodology
Datum Forecast is a comprehensive, data-driven solution that offers invaluable insights into the factors shaping various industries. By providing a quantitative framework for assessing market drivers and inhibitors, it empowers clients to make well-informed investment decisions and develop strategic plans that capitalize on growth opportunities while mitigating potential risks.
To forecast upcoming market trends and opportunities, our market sizing and forecasting team makes use of statistical models, time series analysis, and other forecasting approaches.
To create precise estimates, we take into account elements like historical data, market drivers, economic indicators, consumer behaviour, and the competitive environment.
Our forecasting and trend analysis enable businesses to anticipate market shifts, adapt their strategies, and stay ahead of the competition.
Our dedicated team produces over 50 forecasts annually, enabling a comprehensive understanding of global market trends.