eCommerce market in South Korea
South Korea is the 5th largest market for eCommerce with a predicted revenue of US$114,929.6 million by 2024, placing it ahead of Germany. Revenue is expected to show a compound annual growth rate (CAGR 2024-2028) of 5.4%, resulting in a projected market volume of US$141,926.9 million by 2028. With an expected increase of 5.2% in 2024, the South Korean eCommerce market contributed to the worldwide growth rate of 7.4% in 2024. Like in South Korea, global eCommerce sales are expected to increase over the next years. Seven markets are considered by ECDB within the South Korean eCommerce market. Grocery is the largest market and accounts for 23.7% of the South Korean eCommerce revenue. It is followed by Fashion with 20.3%, Electronics with 19.4%, Hobby & Leisure with 11.4%, Furniture & Homeware with 9.1%, DIY with 8.9%, and Care Products with the remaining 7.3%.
Monthly revenues
Monthly revenues in the South Korean eCommerce market
The monthly eCommerce revenue of the South Korean eCommerce market was US$9,789 million in November 2024. This refers to a growth of -0.2% compared to October 2024. Within the last 12 months, the monthly revenue share was the highest in March 2024 with 8.9% of the total 2024 revenue of the South Korean eCommerce market and the lowest in June 2024 with 7.9% of the total 2024 revenue.
Revenue Last Month
US$9,788.5m
The eCommerce revenue fell by 0.2% from October 2024 to November 2024.
Monthly revenue shares in the last 12 months
0-2024 | 1-2024 | 2-2024 | 3-2024 | 4-2024 | 5-2024 | 6-2024 | 7-2024 | 8-2024 | 9-2024 | 10-2024 | 11-2024 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenue (in mUS$) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Monthly revenue share (in %) | 0.1 | 90.1 | 38.9 | 42.6 | 82.8 | 85.8 | 93.8 | 0.3 | 28.8 | 45.2 | 80.8 | 62.5 |
Market development
eCommerce revenue development in South Korea
South Korea is the 5th largest market for eCommerce with a predicted revenue of US$114,929.6 million by 2024, placing it ahead of Germany. Revenue is expected to show a compound annual growth rate (CAGR 2024-2028) of 5.4%, resulting in a projected market volume of US$141,926.9 million by 2028. With an expected increase of 5.2% in 2024, the South Korean eCommerce market contributed to the worldwide growth rate of 7.4% in 2024. Like in South Korea, global eCommerce sales are expected to increase over the next years. Seven markets are considered by ECDB within the South Korean eCommerce market. Grocery is the largest market and accounts for 23.7% of the South Korean eCommerce revenue. It is followed by Fashion with 20.3%, Electronics with 19.4%, Hobby & Leisure with 11.4%, Furniture & Homeware with 9.1%, DIY with 8.9%, and Care Products with the remaining 7.3%.
eCommerce revenue development in South Korea
eCommerce revenue growth in South Korea
Net eCommerce revenue split by sub-category
2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | |
---|---|---|---|---|---|---|---|---|
Revenue (in mUS$) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Growth (in %) | 56.8 | 50.5 | 58.0 | 12.2 | 47.0 | 17.6 | 9.9 | 9.2 |
Top stores
Top five online stores in South Korea by net sales 2023
The biggest player in the South Korean eCommerce market is coupang.com. The store had a revenue of US$21,116.9 million in 2023. Store rankings include every store that generates revenue in South Korea. These stores can either have a national focus and only sell in their main country or operate on a global scale. For this evaluation, only revenue created in South Korea was considered.
eCommerce net sales generated in South Korea in 2023
Filtered revenue / share eCommerce net sales refer to the year 2023 | Global revenue eCommerce net sales refer to the year 2023 | Growth eCommerce net sales growth refers to 2023/2022 | |
---|---|---|---|
US$900.0m 20.7% | US$8,300.0m | 8.3% | |
US$550.0m 12.0% | US$4,600.0m | 12.4% | |
US$470.0m 3.9% | US$1,190.0m | 33.6% | |
US$430.0m 20.6% | US$2,122.0m | 18.0% | |
US$370.0m 20.7% | US$1,814.0m | 12.6% |
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Payment Methods
Top 5 offered payment methods in the South Korean eCommerce market
With 85.7% share Bank transfer/cash in advance is the most commonly offered payment method of all online stores in the South Korean eCommerce market in 2023. Unlike Bank transfer/cash in advance which is of type Bank transfer Kakao Pay, Naver Pay, and Payco with shares of 39.6%, 36.1%, and 33.2% are of type E-wallets.
Top 5 offered payment methods in the South Korean eCommerce market
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Shipping Service Provider
Top 5 offered shipping providers in the South Korean eCommerce market
Despite CJ Logistics's dominant position with 55.2% of online stores opting for its services, the South Korean eCommerce market in 2023 remains diverse and competitive. Several other shipping service providers, including Lotte, Korea Post, Hanjin, and EMS, hold smaller but significant shares, contributing to a dynamic and fragmented market.
Top 5 offered shipping providers in the South Korean eCommerce market
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