Consumer Attitudes and Online Retail Dynamics in South Korea, 2014-2019

Date: 2015-11

The South Korean internet penetration rate is among the highest in the world with highly responsive online shoppers. Internet retailing in the country is not just restricted to online retail purchases, but consumer preference is now expanding towards mobile retailing using smartphones and social commerce. Smartphone applications are being developed by retailers for consumers to engage in on-the-go shopping, thereby removing time constraints. Furthermore, wider access to credit cards for online payments and high broadband speeds, and penetration will contribute to strong growth in the online channel over the next five years.

Key Findings
– Online retailing has high potential compared to conventional channels, and is expected to grow at a CAGR of 8.8% over the forecast period

– With the proliferation of omnichannel retailing, consumers in South Korea embrace both e-commerce and m-commerce retail channels

– Keeping the demographic structure in mind, online retailers are devising strategies aimed at offering more convenience to elderly population in the country

– Apparel, accessories, luggage and leather goods will continue to lead with a share of 36.4% of the overall online market in 2019, which is also expected to be the fastest-growing category with a CAGR of 12.3% over 2014-2019

“Consumer Attitudes and Online Retail Dynamics in South Korea, 2014-2019” provides data for historic and forecast online retail sales, and also includes information on the business environment and country risk related to the South Korean online retail environment. Key consumer trends influencing South Korea’s online retail industry are also covered.

What else does this report offer?

– In-depth analysis of the latest trends in online consumer shopping, covering the factors driving online shopping, consumer insights, market dynamics (covering 26 product categories), and reviews of the latest best practice in online retail site design

– Market insights based on consumer trends, changing economic and demographic factors, and other macroeconomic factors

– Based on the latest data, the report not only provides details of the size and growth of this increasingly important channel, it also provides essential context on the
penetration of online sales by product groups, how growth has developed over time, and key factors, with forecasts, that will drive this market in the future

Reasons To Buy
– Improve market and strategic planning using highly granular, forward-looking market data across 26 categories under nine product groups that include: Apparel, Accessories, Luggage and Leather Goods, Books, News and Stationery, Electricals and Electronics, Food and Grocery, Health and Beauty, Furniture and Floor Coverings, Home and Garden Products, Music, Video and Entertainment Software, and Sports and Leisure Equipment

– Understand which products will be the major winners and losers in the online arena in the coming years

– Get an in-depth analysis of the latest trends in online retailing in South Korea, covering the factors driving online spending across the categories

– Learn from best practice approaches outlined in the case studies of leading online retailers by examining their unique retailing attitudes and reviewing innovative retailers, which provides insights and ideas to remain competitive and profitable”

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