South Korea E-commerce Market Outlook (2018 to 2032)
Synopsis
The above chart is South Korea E-commerce Market Outlook (2018 to 2032)
Market Dynamics
South korea’s e-commerce market has been on an exponential growth trajectory in recent years and is expected to continue to grow for the next few decades. with a population of more than 50 million, south korea has a highly developed it infrastructure, leading to widespread internet use and a vibrant e-commerce market. the market was worth us$51.3 billion in 2018 and is expected to grow at a cagr of 37.7% to us$281.6 billion by 2032. the growth is driven by increasing internet penetration, evolving customer behavior, new regulations and major investments in the digital infrastructure. the growth of the e-commerce market in south korea is spurred by continually increasing internet usage among its citizens. as technology advancements have continued, more households have access to broadband connections with a percentage of households with broadband penetration rising from 44.1% in 2020 to 77.6% in 2022. by 2032, it is expected to reach 98%. this will lead to an increase in online shopping, creating more opportunities in the e-commerce market. furthermore, the emergence of emerging payment technologies such as cloud payments, ai and blockchain is expected to revolutionize the e-commerce market. these new solutions allow customers to have an easier and more secure payment process, which will lead to more online purchases. in addition, south korea’s government has implemented regulations and policies that have opened up the market to more competition and innovation. this has made the e-commerce market in south korea more appealing and attractive to local and foreign players. furthermore, with major investments being made into digital infrastructure, the quantity and quality of services available to online retailers is improving. this will result in increased efficiency, more options, and improved customer experience. all in all, the market outlook for south korea’s e-commerce market for the next decade remains highly promising. with the increase in internet usage, new regulations and policies, upcoming payment technologies, and investment in digital infrastructure, the market is poised for an explosive growth in the near future. by 2032, the market is expected to reach us$281.6 billion, up from us$51.3 billion in 2018.
