The information below sets out some key insights into the South Korean e-commerce environment, giving you an indication of the potential this market could offer your business.
- Global e-commerce ranking: 7th
- Language: Korean
- Currency: South Korean Won
- GDP: $1,410 billion
- Population: 50.4 million
Popular online shopping categories in South Korea, 2015
South Korean Retail E-Commerce Sales, 2013 to 2018, in billions of $ (USD)
Includes products or services ordered via the internet using any device, but excludes travel and event tickets.
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Click on an area of interest below to find out more about some of the key considerations to take into account when entering a new market.
MEETING YOUR REGULATORY RESPONSIBILITIES
There are various options available when it comes to establishing yourself in the South Korean market; an e-retailer may choose to trade from his existing legal entity or to set up a physical and legal presence in South Korea. The legal and tax implications will differ depending upon which option you decide to take…
REACHING AND ENGAGING YOUR CONSUMER
Consumers in South Korea expect excellent after-sales customer service, including a free local contact number for advice and support. With the highest smartphone penetration and quickest internet speed in the world, e-retailers need to be prepared for these technologically advanced consumers…
RECEIVING PAYMENT FROM YOUR CUSTOMER
Bank cards are overwhelmingly the most popular payment methods in South Korea, and e-retailers needs to ensure they have mechanisms in place to take payment from local credit cards as fewer than 20% of South Korean online shoppers have versions they can use internationally…
GETTING THE GOODS TO YOUR CUSTOMER
As one of the planet’s most densely populated countries, it should come as no surprise that South Korean consumers have high expectations when it comes to delivery. Around 50% of South Koreans have reported that slow delivery is one of their primary concerns…