eCommerce market in South Korea

South Korea is the 4th largest market for eCommerce with a predicted revenue of US$138,549.4 million by 2024, placing it ahead of Japan. Revenue is expected to show a compound annual growth rate (CAGR 2024-2028) of 6.4%, resulting in a projected market volume of US$177,537.0 million by 2028. With an expected increase of 7.8% in 2024, the South Korean eCommerce market contributed to the worldwide growth rate of 10.1% 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 28.8% of the South Korean eCommerce revenue. It is followed by Electronics with 19.7%, Fashion with 17.9%, Furniture & Homeware with 9.0%, DIY with 9.0%, Hobby & Leisure with 8.7%, and Care Products with the remaining 7.0%.

Monthly revenues

Monthly revenues in the South Korean eCommerce market

The monthly eCommerce revenue of the South Korean eCommerce market was US$10,968 million in September 2024. This refers to a growth of -3.8% compared to August 2024. Within the last 12 months, the monthly revenue share was the highest in November 2023 with 9.0% of the total 2023 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$10,968.5m

The eCommerce revenue fell by 3.8% from August 2024 to September 2024.

09-2024-3.8%

Monthly revenue shares in the last 12 months

in %
0-20241-20242-20243-20244-20245-20246-20247-20248-20249-202410-202411-2024
Revenue (in mUS$)0.00.00.00.00.00.00.00.00.00.00.00.0
Monthly revenue share (in %)17.72.413.036.243.243.136.583.365.445.963.69.0

Market development

eCommerce revenue development in South Korea

South Korea is the 4th largest market for eCommerce with a predicted revenue of US$138,549.4 million by 2024, placing it ahead of Japan. Revenue is expected to show a compound annual growth rate (CAGR 2024-2028) of 6.4%, resulting in a projected market volume of US$177,537.0 million by 2028. With an expected increase of 7.8% in 2024, the South Korean eCommerce market contributed to the worldwide growth rate of 10.1% 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 28.8% of the South Korean eCommerce revenue. It is followed by Electronics with 19.7%, Fashion with 17.9%, Furniture & Homeware with 9.0%, DIY with 9.0%, Hobby & Leisure with 8.7%, and Care Products with the remaining 7.0%.

eCommerce revenue development in South Korea

in million US$

eCommerce revenue growth in South Korea

in %

Net eCommerce revenue split by sub-category

in %
20202021202220232024202520262027
Revenue (in mUS$)0.00.00.00.00.00.00.00.0
Growth (in %)90.573.562.59.742.435.969.855.2

Online share

eCommerce online share in South Korea

The online share refers to the proportion of the retail volume that is transacted via the Internet. It includes purchases via desktop PC, tablet or smartphone, both via website or app. Only retail of physical goods is taken into account. In the South Korean retail market, the online share is 23.9% and will increase by an average of 0.9% to 24.8% by 2028.

eCommerce online share in South Korea

in %
20202021202220232024202520262027
Online share (in %)54.4%58.7%8.8%81.7%1.8%37.8%49.2%62.0%

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

in million US$
Filtered revenue / share
Global revenue
Growth
US$900.0m
20.7%
US$8,300.0m8.3%
US$550.0m
12.0%
US$4,600.0m12.4%
US$470.0m
3.9%
US$1,190.0m33.6%
US$430.0m
20.6%
US$2,122.0m18.0%
US$370.0m
20.7%
US$1,814.0m12.6%

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

in %

See all stores offering


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

in %