South Korea B2C E-Commerce Market and Top Mobile Payment Service Providers: COVID-19 Brought Growth in Mobile Payments in South Korea
Dublin, March 12, 2021 (GLOBE NEWSWIRE) — The “South Korea B2C E-Commerce Market and Top Mobile Payment Service Providers 2021” report has been added to ResearchAndMarkets.com’s offering.
This report provides details on the acceleration of the B2C E-Commerce market and the increase of users of mobile payment services in South Korea. 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.
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.
Key Topics Covered:
1. Management Summary
2. Regional Overview
- B2C E-Commerce Market Overview, February 2021
- Asia-Pacific’s Share of Global Retail E-Commerce Sales, in %, 2020e
- Retail E-Commerce Sales Value, by Selected Regions, in USD billion, 2020e
- Retail E-Commerce Sales Growth, by Region, by Selected Regions, and Year-on-Year Change, in %, 2020e
- Value of B2C E-Commerce, in USD billion, by Selected Countries, 2020e
- Percentage of Consumers, Who Purchase Online More in the Last Few Months, by Selected Countries, incl. Australia, India and Vietnam, in % of Respondents, 2020
- Share of Mobile Sales, in % of All Online Travel Sales, 2020
- Digital Travel Sales Value Per Capita, by Selected Countries, in USD, 2020 & 2025f
- Percentage of New Online Consumers, by Geolocation, by Selected Countries, in % of Respondents, 2020
3. B2C E-Commerce Market
- B2C E-Commerce Market Overview, February 2021
- B2C E-Commerce Competitors Overview, February 2021
- Volume of Real-Time Transactions, in billions, 2019 & 2024f
- Value of B2C E-Commerce, in KRW trillion, and Year-on-Year Change, in %, 2018 – 2024f
- Mobile Shopping Transaction Value, in KRW trillion, and Year-on-Year Change, October 2019 & October 2020
- Share of Mobile Shopping Transaction Value, in % of Total Online Sales, October 2019 & October 2020
- Online Shopping Sales Value, by Selected Product Categories, in KRW trillion, and Y-o-Y Change, in %, October 2019 & October 2020
4. KakaoPay
5. Naver Pay
6. Toss
Companies Mentioned
- 11street
- Alibaba Group Holding Ltd
- Amazon.com Inc
- Coupang
- eBay
- GMarket
- JD.com Inc
- Kakao Pay
- Lazada Group
- Naver Pay
- Pinduoduo
- Rakuten Inc
- Shopee
- TMON
- Toss
- WeMakePrice
For more information about this report visit https://www.researchandmarkets.com/r/dn8uge
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