South Korea B2C E-Commerce Market 2021

DUBLIN, March 16, 2021 /PRNewswire/ — The “South Korea Added B2C E-Commerce Market and Top Mobile Payment Service Providers 2021 report ResearchAndMarkets.com Offer.

This report provides details on the acceleration of the B2C e-commerce market and the increase in users of mobile payment services in the country. The report’s findings include the impact of the 2020 coronavirus pandemic on the response of leading mobile payment service providers in South Korea.

The B2C e-commerce market in Asia posted significant growth during the coronavirus pandemic and should continue its lead over other world regions. China maintains its position as the regional and global leader in terms of online commerce as a percentage of total retail sales. In addition, since the start of the COVID-19 pandemic, numerous e-commerce platforms have generated significant revenues by shifting consumer shopping behavior towards online shopping. There have been several major players in the online market including Amazon, JD.com, Pinduoduo, Shopee, Lazada. These platforms saw significant number of sales, high influx of new consumers and increased number of visits in the last 6 months of 2020. In addition, in order to contribute to the development of online retail, some companies received investments and thus increased their value in the market. Many e-commerce platforms also increased their cross-border sales by operating abroad and introducing foreign retailers to their platform.

Despite an estimated rise in 2020, the annual growth rate of B2C e-commerce value is in South Korea a decline was forecast by 2024. Due to the acceleration of internet penetration and the introduction of smartphones in South Korea, B2C e-commerce market surged in 2020. It’s also worth noting that South Korean online retail Grocery posted the highest year-over-year growth, followed by Housewares. Additionally, Coupang, one of South Korea’s e-commerce giants, continues to dominate its market. While another big player in South KoreaAmazon intended to invest $300 million (263 million euros) on e-commerce platform 11Street in 2020 amid COVID-19. Another major digital trading platform, eBay, was planning to sell its South Korean marketplace.

Other interesting facts highlighted in the report are the number of users registered with the top three payment processors in South Korea: KakaoPay, Naver Pay and Toss. This report also highlights the increasing number of user registrations KakaoPay has received during the pandemic. In addition, the study provides details on the payment innovations introduced by the leading mobile payment service providers during the COVID-19 outbreak.

This report covers the B2C e-commerce market and competitors, real-time payment trends and the payments market with a focus on the response of the leading mobile payment service providers to the COVID-19 outbreak in South Korea. A broad definition of retail e-commerce used by some original sources cited in this report could include both B2C and C2C e-commerce.

This report provides relevant international comparisons, information on market trends, B2C e-commerce sales and shares, internet users and buyers, products, payment methods and players.

1. Management Summary

2. Regional overview

• B2C Ecommerce Market Overview, February 2021
• Asia Pacific Share of global retail e-commerce sales, %, 2020e
• Retail e-commerce sales value, by selected regions, in billion USD, 2020e
• Retail e-commerce sales growth, by region, by selected regions and yoy change, in %, 2020e
• Value of B2C e-commerce, in billion USD, by selected countries, 2020e
• Percentage of consumers who have shopped online more frequently in the past few months, by selected country, incl. Australia, India and Vietnamin % of respondents, 2020
• Share of mobile sales, in % of all online travel sales, 2020
• Revenue value of digital travel per capita, by selected countries, in USD, 2020 and 2025f
• Percentage of new online consumers, by geolocation, by selected country, % of respondents, 2020

3. B2C E-Commerce Market

• B2C Ecommerce Market Overview, February 2021
• B2C Ecommerce Competitors Overview, February 2021
• Volume of real-time transactions, in billions, 2019 & 2024f
• Value of B2C e-commerce in trillion KRW and % annual change, 2018-2024f
• Mobile purchase transaction value in trillion KRW and annual change, October 2019 & October 2020
• Share of mobile shopping transaction value, in % of total online sales, October 2019 & October 2020
• Online shopping sales value by selected product category in trillion KRW and % change year-on-year, October 2019 & October 2020

4. KakaoPay

• Profile of KakaoPay, Sept 2020
• Impact of COVID-19 on KakaoPay’s activities, Sept 2020
• Value of transactions completed through KakaoPay and YOY Growth, in billion USD and in %, May 2019 & May 2020
• Preferred payment method for students, in %, Nov 2019

5. Pay Naver

• profile of Pay Naver, Sept 2020
• Effects of COVID-19 on Naver Pays Activity, Sept 2020
• Monthly average number of people using Naver Pay, in millions, May 2019 & May 2020
• Preferred payment method for office workers, in %, Nov 2019

6. Throw

• profile of Toss, Sept 2020
• Impact of COVID-19 on Toss Payment activity, Sept 2020
• Sales generated through the Toss platform in millions of USD, 2016 and 2019
• People registered with Toss, in % of the population, Aug 2020
• Transactions made online in South Korea Via Toss, % of total transactions, 2019

companies mentioned

• 11 street
• alibaba group holding ltd
• Amazon.com Inc
• coupang
• eBay
• GMarket
• JD.com Inc
• Pay for cocoa
• Lazada group
• Pay Naver
• Pinduo
• Rakuten Inc
• shopping
• TMON
• Throw
• WeMakePrice

For more information about this report, visit https://www.researchandmarkets.com/r/xvqbro

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