Korea’s E-Commerce Competition Intensifies

Korea’s e-commerce Market is on fire, with Chinese companies like AliExpress and TAMU making big moves. The secret to Korea’s success lies in its proactive people, solid infrastructure, and fast delivery. But with the rise of Chinese platforms, Korean players like Kang are feeling the heat. While competition benefits consumers, complaints about overseas platforms are on the rise. To stay ahead, Korean businesses need to focus on payment services and global expansion. As the global e-commerce market continues to grow, offline stores will need to adapt to survive. Get ready for the e-commerce revolution! ๐Ÿš€

Korea’s e-commerce market has experienced remarkable growth, making it one of the top five in the world. The market is big and growing, with online platforms outperforming offline stores for the first time in 2018. The predicted revenue for 2024 is under $150,700 million US, with a compound rate of 6.4%. The leading e-commerce sectors are related to food and beverages, followed by services, clothing, household goods, electronics, and cosmetics. The major domestic brands are Coupang, Naver, and 11st, with other popular ones being 11 L on and G Market.

Chinese e-commerce companies are seeking greater ground among consumers in Korea. Chinese online shopping is popular in Korea, with five out of ten Koreans using it. Alibaba’s AliExpress entered Korea in 2010, and its popularity has increased, posing a threat to local companies. TAMU, backed by China’s e-commerce giant Pindu, recently launched in Korea and has experienced faster growth than AliExpress. Kang, Korea’s top e-commerce operator, has responded to competition from Chinese companies by announcing a $2.23 investment plan over the next three years.

Korea’s e-commerce market is growing, and there is potential for Korean businesses to boost their presence in foreign markets. The global e-commerce market is also growing, with predictions of a $8 trillion market by 2027. Shopping on mobile devices and in-app purchases on social media are on the rise. China’s Alibaba and American Amazon are the top e-commerce retailers, but there may be a change-up by 2027. Offline stores can still thrive as long as they have a presence online.

Key Takeaways:

  • Korea’s e-commerce market is big and growing, with predicted revenue for 2024 under $150,700 million US and a compound rate of 6.4%.
  • Chinese e-commerce companies are seeking greater ground in Korea, with AliExpress and TAMU posing a threat to local companies.
  • Kang, Korea’s top e-commerce operator, has responded to competition from Chinese companies by announcing a $2.23 investment plan over the next three years.
  • The global e-commerce market is growing, with predictions of a $8 trillion market by 2027 and shopping on mobile devices and in-app purchases on social media on the rise.
  • Offline stores can still thrive as long as they have a presence online.

About the Author

Arirang News
673K subscribers

About the Channel๏ผš

Arirang NEWS delivers the latest news on National/Politics, North Korea, Economy, IT/Science, Foreign Policy, World, Life/Culture of the Korea.์•„๋ฆฌ๋ž‘์˜ ๋Œ€ํ‘œ ๋‰ด์Šค ํ”„๋กœ๊ทธ๋žจ์ธ “์•„๋ฆฌ๋ž‘ ๋‰ด์Šค”๋Š” ๊ฐ๊ด€์ ์ด๊ณ  ์‹ฌ๋„์žˆ๋Š” ๋…ผํ‰์„ ํ†ตํ•œ ๊ตญ๋‚ด์™ธ ๋‰ด์Šค๋ฅผ ์ „ ์„ธ๊ณ„์— ๋ณด๋„ํ•ฉ๋‹ˆ๋‹ค. www.arirang.com โ“’ The Korea International Broadcasting Foundation All Rights Reserved
Share the Post:
en_GBEN_GB