South Korea Online Retail Forecast Report 2024-2028 Featuring Coupang, Naver, Gmarket, Taobao, Kakao, SSG.com, 11Street, Wemakerprice, LOTTE, and Tmall

Retail Market Overview - The retail market in South Korea is projected to grow at a CAGR of 3.2% from 2023 to 2028, reaching $460.1 billion by 2028, up from$392.4 billion in 2023 [2] - Online retail sales in South Korea grew by 5.2% in 2023, accounting for 31.8% of total retail sales, with a value of $124.7 billion [2] Online Retail Growth - South Korea's online retail market is expected to grow at a CAGR of 7.9$182.7 billion by 2028 [8] - Key drivers for online retail growth include high smartphone penetration, advanced logistical infrastructure, and a tech-savvy population [8] Mobile Commerce - Mobile devices account for 70.3% of online retail sales in South Korea, with smartphones being the preferred device for online shoppers [5][9] - Categories with the highest share of mobile commerce include pet products (81.9%), goods for infants and children (81.7%), and fashion & accessories (77.4%) [5] Live Commerce - Live commerce accounted for 1.3% of total online retail sales in 2023 and is expected to grow to 6% by 2028 [4][16] - Naver Shopping Live and Kakao Shopping Live are the preferred platforms for live commerce buyers [16] Market Leaders - The top three players in South Korea's online retail market accounted for 67.4% of the market share in 2023 [9] - Coupang leads with a 39.7% market share, followed by Naver and Gmarket [9] Product Categories - The report covers 11 product categories, including computer hardware, consumer electronics, personal care, clothing, and groceries [18] - Online retail sales are broken down by category, with detailed historic and forecast data from 2009 to 2023 [18] Payment and Retailer Preferences - Preferred payment methods and online retailers are analyzed, with Coupang, Naver, and Gmarket being the top choices [20] - The report also provides insights into online buyers' purchase behavior and preferred product categories [20] Report Details - The report includes 44 pages of key findings, an Excel sheet with historic and forecast data, and an analyst presentation [10][11] - It covers the period from 2023 to 2028, with an estimated market value of $124.7 billion in 2023 and a forecasted value of$182.7 billion by 2028 [10]