South Korea’s Mobile Shopping Market Has Been Valued To be Worth $2.8 BLN.
Over the past couple of years, as technology continues to advanced, so have the people and businesses that have either cropped up due to the variety of technology and taking advantage of their capabilities within the market. Online shopping through the use from either the Classic PCs to smartphones and tablets have become the norm.
By using applications of e-commerce retailing sites such as Amazon or Redmart, its become quite convenient to shop for everyday needs online. As of recent news, this business has been quite prosperous within South Korea, which has been stated to be worth a couple of billions.
A recently posted Business Korea report states that the mobile shopping sector has increased by a total of 156 percent during the first quarter of 2014, and has become worth 2.893 trillion won (US$2.8 billion). Although, the total amount of online shopping on PCs and from has increased to be over 16.6 percent and is worth 10.4068 trillion won (US$10.2 billion)
This report states that online shopping and total retail sales are continuing to rise proportionately. The sales have gone up by 9.7 percent in 2012, then 10.9 percent during 2013, and finally by 11.9 percent in first quarter of 2014. Given that South Korea’s Internet is really fast and that’s over 30 million people in country own smartphones, the huge numbers make sense.
From whats been gathered, Some of the most popular items that South Koreans simply love to purchase are clothing and holiday trips; travel reservation and fashion-related services account for over 19.1 percent of US$2.8 billion total. This has followed by the lifestyle products and car accessories, which is 10.7 percent; household electronics, which is around 9.6 percent, and lastly comes food and groceries, which is at 8.5 percent.