Rapid Rise in E-Commerce Sales in South Korea

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CEIC Macro Watch Global #47 - September 2, 2015 E-commerce sales in South Korea have been enjoying double-digit growth since the records began in 2002, most recently growing by 17.7% year on year (YoY) to KRW 45.3 trillion in 2014, which is more than double the KRW 20.6 trillion sales recorded in 2009. Despite the perpetual low sentiment in the economy, e-commerce has continued to flourish even as overall retail sales growth has waned. Retail sales grew by only 1.7% in 2014, down from 9.4% growth in 2011. The rapid rise of e-commerce can be attributed to the widespread availability and commonality of internet services which have provided the platform for mushrooming sales online. The number of internet subscribers in South Korea rose to 19.2 million in 2014 from 16.3 million in 2009 out of a total population of just over 50 million. Assuming one internet subscriber for each household, approximately 92.6% of total households had a subscription to internet services in 2014. The convenience afforded by e-commerce was apparent when the Middle East Respiratory Syndrome hit the country during June 2015. E-commerce sales grew by 26.6% YoY as people stayed at home, while retail sales declined by 0.6% YoY in June 2015. As such, e-commerce sales propelled to 15.1% of total retail sales during that month, the highest on record. By Eunjee Kim in Hong Kong - CEIC Analyst Discuss this post and many other topics in our LinkedIn Group (you must be a LinkedIn member to participate). Request a Free Trial Subscription. Back to Blog

3rd September 2015 Rapid Rise in E-Commerce Sales in South Korea

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