SEOUL, KOREA | Last year's online shopping transaction volume for the South Korean ecommerce market surpassed the 50-trillion-won level for the first time. According to retail industry sources on January 2, the sales revenue from online shopping was 55 trillion won (52 billion USD), up 14.6 percent from 48 trillion won in 2012.
Online beats Brick-And-Mortar
Given brick-and-mortar stores saw their sales revenue shrink last year due to the ongoing recession and government regulation restricting new store openings, the rising trend of online retailers is remarkable. The aggregate sales revenue of online retailers was 27 trillion won in 2007, followed by 34 trillion won in 2010. Analysts predict that this year's online shopping revenue would be as high as 65 trillion won.
As for mobile shopping revenue, it is expected to have reached more than 10 trillion won in 2013 from only 600 billion won in 2011, largely thanks to an explosive increase in net visitor numbers.
Sourced from Korea IT Times, January 3rd, 2014