The coronacrisis has brought a lasting change in the consumer buying behavior
According to GlobalData, South Korea’s e-commerce market ranks among the most developed in the world and has been on sustained growth over the past few years.
Supported by the country’s robust technology infrastructure, the trend is forecast to continue over the next few years to reach $242.2 billion in 2025.
The report has found that due to the COVID-19 pandemic, lockdown, and social distancing measures undertaken by the government, e-commerce payments in South Korea grew by 22.2% in 2020. In fact, they are estimated to register similar growth of 25.4% to reach KRW131.0 trillion (US$120.3bn) in 2021.
While sectors such as travel and accommodation were badly affected due to lockdown and travel restrictions, strong growth was seen in grocery, electronics, and healthcare products which led to rise in overall e-commerce sales.
We’ve reported that PayU and Red Dot Payment get Visa and Mastercard acquiring licenses.