South Korea B2C E-Commerce Market and Top Mobile Payment Service Providers 2021

The Spread of Covid-19 Brings Growth in Mobile Payments in South Korea Says Report

South Korea B2C E-Commerce Market and Mobile Payment Service Providers 2021 provides details on the acceleration of B2C E-Commerce market and the increase of users of mobile payment services in the country. Among the findings in the report is the effect of the 2020 coronavirus pandemic on the reaction of top mobile payment service providers in South Korea.

Asian B2C E-Commerce market continued accelerating during the COVID-19 pandemic in 2020

The B2C E-Commerce market in Asia saw significant growth during the coronavirus pandemic and was expected to continue its lead over other world regions. China maintains its role as a regional and global leader in the share of total retail sales attributed to online commerce. Moreover, as a result of consumers’ shopping behavior shift towards online purchasing, numerous E-Commerce platforms generated considerable revenue since the start of the COVID-19 pandemic. There were several major players in the online market, Amazon, JD.com, Pinduoduo, Shopee, Lazada were among them. These platforms had a significant number of sales, a high inflow of new consumers and an increased number of visits over the last 6 months of 2020. Besides, to contribute to the development of online retail, some companies received investments and, thus, increased their value on the market. Many E-Commerce platforms also increased their cross-border selling, by operating abroad and introducing foreign retailers to their platform.

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. It is also worth mentioning that South Korean online retail sector “food products” saw the highest year-on-year growth, followed by “household goods”. Furthermore, one of the South Korean E-Commerce giants Coupang 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.

More consumers in South Korea have started making payments via the top mobile payment service provider platforms, during the COVID-19 health crisis

Other interesting facts highlighted in the report include the number of users registered with the top three payment service providers in South Korea: KakaoPay, Naver pay and Toss. This report also highlights the rising number of user registrations received by KakaoPay during the pandemic. Furthermore, the study includes details of the payment innovations introduced by the top mobile payment service providers during the COVID-19 outbreak.

Report Coverage

This report covers the B2C E-Commerce market and competitors overview, Real-time payment trends and the payment market with a focus on the reaction of the top 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 might include both B2C and C2C E-Commerce.

This report contains relevant international comparisons, information about market trends, B2C E-Commerce sales and shares, Internet users and shoppers, products, payment methods and players. Not all types of information were included for each country, due to varying data availability.

Report Structure

• The report starts with an overview of the regional B2C E-Commerce market compared to other global regions and the Asian country comparisons in terms of criteria relevant to B2C E-Commerce, such as B2C E-Commerce sales. The rest of the report is divided by the top three Mobile PSP’s presented in the descending order of total users. Within each chapter, there is a company profile, text charts with relevant news and quantitative charts.
• Depending on data availability, the following types of market information are included: value and/or volume of transactions, number of users, payment methods used in-store and online, COVID-19’s impact on the Mobile PSPs.
• The B2C E-Commerce Market description starts with an overview of the market, highlighting the overall B2C E-Commerce development in the country. Depending on data availability, overview charts include also information about the major E-Commerce players, the number of users, sales volume, number of monthly visits, leading product categories, share of sales, Internet economy and consumers’ buying behavior. Not all the mentioned types of information are available for each of the countries covered.

Please note: For this report, the purchase of an Enterprise license allows up to ten worldwide users of an organization access to the report