South Korea B2C E-Commerce Market & Top Mobile Payment Service Providers 2021 code:1518

South Korea B2C E-Commerce Market & Top Mobile Payment Service Providers 2021
OVERVIEW
TABLE OF CONTENTS
COMPANIES MENTIONED
Countries Covered: South Korea
Pages: 51
Publication Date: 02/03/2021
Download Free Sample
Questions Covered in the report:
  • What rank was the South Korean B2C E-Commerce Market expected to hold worldwide?
  • Which product category was the most commonly bought online in South Korea in 2020?
  • What were the biggest E-Commerce players in South Korea in 2020?
  • How did the COVID-19 pandemic affect the number of mobile transactions in South Korea?
  • What were the top South Korean mobile payment service providers in 2020?

Key Findings:

South Korean B2C E-Commerce Market was expected to accelerate strongly in 2020

Amid the pandemic, Asia’s B2C E-Commerce excelled in terms of value and volume compared to the other regions

B2C E-Commerce in Asia experienced a considerable sales value increase in 2020, and the region’s share of global online sales was expected to be over 50 percent, despite an estimated slow year-on-year growth rate at an early stage of the lockdown. According to forecasts cited in the yStats.com publication, the growth in E-Commerce is expected to continue through the next few years. The average value of online orders in the Southeast Asian region went up by almost a quarter in 2020, while the highest gains were seen in the Philippines and Singapore. The results of a 15,000-person survey cited in the report indicated that digital shopping is a more frequent occurrence in their lives, with the biggest percentage gains in Australia, Vietnam and India.

 

South Korean accelerating Internet penetration and smartphone adoption impacted an increase in the B2C E-Commerce market in 2020

Despite an estimated rise in 2020, the annual growth rate of B2C E-Commerce value in South Korea was projected to decline by 2024. However, due to the acceleration of Internet penetration and smartphone adoption in South Korea, an increase in the B2C E-Commerce market in 2020 occurred. As for shopping sectors, it is worth mentioning that the South Korean online retail “food products” industry saw the highest year-on-year growth, followed by “household goods”. Furthermore, the most popular E-Commerce platforms in South Korea included GMarket, Coupang, 11Street, Naver Shopping, Auction, WeMakePrice, TMON, Interpark, Shinsegae Mall and Danawa in 2020. One of the South Korean E-Commerce giants Coupang, backed by SoftBank Group keeps dominating in its market. Whereas, another big player in South Korea, Amazon intended to invest USD 300 million (EUR 263 million) in the E-Commerce platform 11Street in 2020 amid COVID-19. As for one more major digital commerce platform eBay, it was planning to sell its South Korean marketplace.

 

Top mobile PSPs in South Korea experience increased registrations during the health crisis

The top three mobile payment service providers in South Korea, in terms of the number of users are KakaoPay, Naver Pay, and Toss. These top players recently experienced a growing number of users on their platform. KakaoPay saw a significant increase in its users amidst the COVID-19 crisis. Amidst the overwhelming growth of users and transactions, service provides introduced innovations to aid small businesses adversely impacted by the health crisis.

 

Amidst the pandemic, new mobile payment gateways emerge in South Korea

Since the use of mobile payment is increasing in South Korea, further developments in the payments industry have gained momentum. During the pandemic, various mobile payment service providers were emerging as strong competitors such as Samsung Pay, Payco, and Coupang. Furthermore, Samsung collaborated with MasterCard to launch Samsung Pay Card in an effort to provide its customers with innovative service. Also, a partnership between Payco and Apple was supposed to support mobile payments via Payco on iOS-powered devices.

Read More Download Free Sample

1.Management Summary

2.Regional Overview

  • B2C E-Commerce Market Overview, February 2021
  • Asia-Pacific’s Share of Global Retail E-Commerce Sales, in %, 2020e
  • Retail E-Commerce Sales Value, by Selected Regions, in USD billion, 2020e
  • Retail E-Commerce Sales Growth, by Region, by Selected Regions, and Year-on-Year Change, in %, 2020e
  • Value of B2C E-Commerce, in USD billion, by Selected Countries, 2020e
  • Percentage of Consumers, Who Purchase Online More in the Last Few Months, by Selected Countries, incl. Australia, India and Vietnam, in % of Respondents, 2020
  • Share of Mobile Sales, in % of All Online Travel Sales, 2020
  • Digital Travel Sales Value Per Capita, by Selected Countries, in USD, 2020 & 2025f
  • Percentage of New Online Consumers, by Geolocation, by Selected Countries, in % of Respondents, 2020

3.B2C E-Commerce Market

  • B2C E-Commerce Market Overview, February 2021
  • B2C E-Commerce Competitors Overview, February 2021
  • Volume of Real-Time Transactions, in billions, 2019 & 2024f
  • Value of B2C E-Commerce, in KRW trillion, and Year-on-Year Change, in %, 2018 – 2024f
  • Mobile Shopping Transaction Value, in KRW trillion, and Year-on-Year 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 Categories, in KRW trillion, and Y-o-Y Change, in %,  October 2019 & October 2020

4.KakaoPay

  • Profile of KakaoPay, September 2020
  • COVID-19’s Impact on KakaoPay’s activity, September 2020
  • Value of Transactions Completed Via KakaoPay and Y-O-Y Growth, in USD billion and in %, May 2019 & May 2020
  • Preferred Payment Method for College Students, in %, November 2019

5.Naver Pay

  • Profile of Naver Pay, September 2020
  • COVID-19’s Impact on Naver Pay’s Activity, September 2020
  • Monthly Average Number of Individuals Using Naver Pay, in millions, May 2019 & May 2020
  • Preferred Payment Method for Office Workers, in %, November 2019

6.Toss

  • Profile of Toss, September 2020
  • COVID-19’s Impact on Toss Payment’s Activity, September 2020
  • Sales Generated Via Toss’s Platform, in USD million, 2016 & 2019
  • Individuals Registered With Toss, in % of Population, August 2020
  • Transactions Made Online in South Korea Via Toss, in % of Total Transactions, 2019
Read More
  • Alibaba
  • Amazon
  • Jd.com
  • Lazada Group
  • PayPay
  • Rakuten
  • Shopee
  • Yahoo!
Read More

RELATED REPORTS

Southeast Asia B2C E-Commerce Market 2021

Publication Date: 18/02/2021

Regions Covered: South East Asia - Asia

Countries Covered: Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam

Categories:

?

Single License

One individual may access and download the report

Site License

Up to ten regional employees of an organization may access and download the report

Global License

Up to ten global employees of an organization may access and download the report

View Report Details
View Report Details

Asia B2C E-Commerce Market 2021

Publication Date: 10/02/2021

Regions Covered: Asia

Countries Covered: China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Thailand, Vietnam

Categories:

?

Single License

One individual may access and download the report

Site License

Up to ten regional employees of an organization may access and download the report

Global License

Up to ten global employees of an organization may access and download the report

View Report Details
View Report Details

Top Mobile Payment Service Providers in South Korea 2020 and their Reaction to the COVID-19 Crisis

Publication Date: 13/10/2020

Regions Covered: Asia-Pacific

Countries Covered: South Korea

Categories:

?

Single License

One individual may access and download the report

Site License

Up to ten regional employees of an organization may access and download the report

Global License

Up to ten global employees of an organization may access and download the report

View Report Details
View Report Details

Asia Pacific POS Payment Methods 2020 and COVID-19’s Impact

Publication Date: 22/09/2020

Regions Covered: Asia-Pacific

Countries Covered: Australia, China, India, Japan, South Korea

Categories:

?

Single License

One individual may access and download the report

Site License

Up to ten regional employees of an organization may access and download the report

Global License

Up to ten global employees of an organization may access and download the report

View Report Details
View Report Details

Asia-Pacific Cross-Border B2C E-Commerce 2020

Publication Date: 25/02/2020

Regions Covered: Asia-Pacific

Countries Covered: Australia, China, India, Indonesia, Japan, Malaysia, New Zealand, Singapore, South Korea, Vietnam

Categories:

?

Single License

One individual may access and download the report

Site License

Up to ten regional employees of an organization may access and download the report

Global License

Up to ten global employees of an organization may access and download the report

View Report Details
View Report Details

Asia-Pacific Payment & E-Commerce Forecasts Snapshot 2018

Publication Date: 21/09/2018

Regions Covered: Asia-Pacific - South East Asia - Asia

Countries Covered: Australia, China, Hong Kong, India, Indonesia, Japan, Philippines, Singapore, South Korea, Taiwan, Thailand, Vietnam

Categories:

?

Single License

One individual may access and download the report

Site License

Up to ten regional employees of an organization may access and download the report

Global License

Up to ten global employees of an organization may access and download the report

View Report Details
View Report Details

Asia-Pacific Online Payment Methods: Full Year 2017

online payment methods in Asia 2017

Publication Date: 19/06/2018

Regions Covered: Asia-Pacific

Countries Covered: Australia, China, India, Indonesia, Japan, Malaysia, New Zealand, Philippines, Singapore, Taiwan, Thailand, Vietnam

Categories:

?

Single License

One individual may access and download the report

Site License

Up to ten regional employees of an organization may access and download the report

Global License

Up to ten global employees of an organization may access and download the report

View Report Details
View Report Details

Asia-Pacific B2C E-Commerce Market 2017

ecommerce market online retail in asia

Publication Date: 14/06/2017

Regions Covered: Asia-Pacific

Countries Covered: Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Thailand, Vietnam

Categories:

?

Single License

One individual may access and download the report

Site License

Up to ten regional employees of an organization may access and download the report

Global License

Up to ten global employees of an organization may access and download the report

View Report Details
View Report Details

South Korea B2C E-Commerce Market 2017

ecommerce market online shopping in south korea

Publication Date: 07/06/2017

Regions Covered:

Countries Covered: South Korea

Categories:

?

Single License

One individual may access and download the report

Site License

Up to ten regional employees of an organization may access and download the report

Global License

Up to ten global employees of an organization may access and download the report

View Report Details
View Report Details

Forgot your Password?

We will send you and e-mail with a link to
recover your password

POST NEW COMMENT

SHARE THIS POST