e-Commerce and Payments in South Korea
One of the most established e-commerce markets in the world.
South Korea has experienced consistent growth over the past several years. This growth is being fueled by the nation’s strong technological infrastructure, which guarantees the availability of high-speed Internet as well as a sizable population of tech-savvy consumers.
Market Overview
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Population
51.8 million
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Online Population
49.9 million
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Currency
KRW
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e-Commerce Market Value
$85.48 billion
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GDP
$1,690 billion
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GDP per Capita
$34,149.00
Available Local Payment Method
South Korea VA
Type
Virtual Account
Regions
Asia Pacific
Key Takeaways
- In Korea, where 99.7% of homes have access to the internet via a computer, a mobile device, or another device, e-commerce represents a significant part of the overall consumer market.
- The most popular foreign online shops that Koreans utilize are multi-brand retailers like Amazon.com and eBay.
- Food services (13.3%), food & beverage (12.9%), home appliances & electronics (11.8%), apparel (8.8%), household items (8.7%), cosmetics (6.3%), and travel & transportation services are the top things purchased from domestic online merchants.
- Cards are a popular method of payment for South Korean online shoppers. Alternative and regional payment methods, however, also hold a sizable market share. Credit cards are used for 72% of internet purchases in South Korea.
