eCommerce market in South Korea
South Korea is the 6th largest market for eCommerce with a predicted revenue of US$101,774.8 million by 2023, placing it ahead of France. Revenue is expected to show a compound annual growth rate (CAGR 2023-2027) of 3.5%, resulting in a projected market volume of US$116,581.0 million by 2027. With an expected increase of 7.6% in 2023, the South Korean eCommerce market contributed to the worldwide growth rate of 17.0% in 2023. Like in South Korea, global eCommerce sales are expected to increase over the next years. Five markets are considered by ecommerceDB within the South Korean eCommerce market. Fashion is the largest market and accounts for 32.1% of the South Korean eCommerce revenue. It is followed by Food & Personal Care with 25.4%, Electronics & Media with 20.7%, Toys, Hobby & DIY with 13.3%, and Furniture & Appliances with the remaining 8.5%.
Market development
eCommerce revenue development in South Korea
South Korea is the 6th largest market for eCommerce with a predicted revenue of US$101,774.8 million by 2023, placing it ahead of France. Revenue is expected to show a compound annual growth rate (CAGR 2023-2027) of 3.5%, resulting in a projected market volume of US$116,581.0 million by 2027. With an expected increase of 7.6% in 2023, the South Korean eCommerce market contributed to the worldwide growth rate of 17.0% in 2023. Like in South Korea, global eCommerce sales are expected to increase over the next years. Five markets are considered by ecommerceDB within the South Korean eCommerce market. Fashion is the largest market and accounts for 32.1% of the South Korean eCommerce revenue. It is followed by Food & Personal Care with 25.4%, Electronics & Media with 20.7%, Toys, Hobby & DIY with 13.3%, and Furniture & Appliances with the remaining 8.5%.
eCommerce revenue development in South Korea
Note: Data shown is using current exchange rates and reflects market impacts of the Russia-Ukraine war
Source: Statista Market Insights, ecommerceDB
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | |
|---|---|---|---|---|---|---|---|---|
| Revenue (in mUS$) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Growth (in %) | 59.2 | 78.5 | 32.3 | 24.6 | 55.7 | 12.1 | 12.6 | 75.2 |
| AOV (in US$) | 13.4 | 32.7 | 13.6 | 2.7 | 61.4 | 60.7 | 95.5 | 36.8 |
| CVR (in %) | 59.2 | 78.5 | 32.3 | 24.6 | 55.7 | 12.1 | 12.6 | 75.2 |
Top stores
Top five online stores in South Korea by net sales 2021
The biggest player in the South Korean eCommerce market is coupang.com. The store had a revenue of US$16,405.5 million in 2021. coupang.com is followed by ssg.com and hmall.com as the second- and third-largest stores with US$1,220.6 million and US$1,054.2 million, respectively. Altogether, the top three stores account for 63.4% of the top 100 online stores' revenue in South Korea. Store rankings include every store that generates revenue in South Korea. These stores can either have a national focus and only sell in their main country or operate on a global scale. For this evaluation, only revenue created in South Korea was considered.
eCommerce net sales generated in South Korea in 2021
Note: First party net sales generated after deduction of returns, allowances for damaged or missing goods and any discounts allowed
Source: Annual report, secondary sources, ecommerceDB analysis
| no-access-0 | no-access-1 | no-access-2 | no-access-3 | no-access-4 | |
|---|---|---|---|---|---|
| Filtered revenue (in mUS$) | 900.0 | 550.0 | 470.0 | 430.0 | 370.0 |
| Share of global revenue (in %) | 20.7 | 12.0 | 3.9 | 20.6 | 20.7 |
| Global revenue (in mUS$) | 8,300.0 | 4,600.0 | 1,190.0 | 2,122.0 | 1,814.0 |
| Growth global revenue (in %) | 8.3 | 12.4 | 33.6 | 18.0 | 12.6 |
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