South Korea's mobile shopping market is worth US$2.8 billion
The most popular mobile shopping items in the region are clothes and holiday tripsBy Jonathan Toyad 30 May, 2014
These days, everyone in developed countries is prone to just doing online shopping via their tablets and smartphones because apps such as those from RedMart and Amazon make it so convenient. Apparently, it’s a thriving business in South Korea that’s worth a couple of billions.
A Business Korea report said that the mobile shopping sector has increased by 156 per cent in the first quarter of 2014, and is worth KRW 2.893 trillion (US$2.8 billion). However, the total amount of online shopping on PCs and from home has increased 16.6 per cent and is worth KRW 10.4068 trillion (US$10.2 billion).
The report stated that online shopping and total retail sales are rising proportionately. The sales went up by 9.7 per cent in 2012, then 10.9 per cent in 2013, and finally by 11.9 per cent in the first quarter of 2014. Given that South Korea’s internet is really fast and that over 30 million people in the country own smartphones, the huge numbers make sense.
So what kind of mobile shopping is popular? Turns out that South Koreans love to buy clothes and holiday trips; travel reservation and fashion-related services account for 19.1 per cent of the US$2.8 billion total. This is followed by lifestyle products and car accessories, which is 10.7 per cent; household and electronics, which is 9.6 per cent; and food/groceries, which is 8.5 per cent.
Keep in mind that the country plans to launch a 5G service that lets its users download a 1GB film in a second.