Key Data on South Korea’s Online Shopping Market

Latest update: November 2024

South Korea is the third-largest e-commerce market in Asia-Pacific, with a $230 billion market size in 2024, projected to reach $336 billion by 2027.¹ This article explores the current state of e-commerce in South Korea, covering the most used payment methods and devices, best-selling products, top online stores, and more. The information is sourced from our Asia-Pacific Data Library and enriched with external references curated by the PCMI team.

You can explore this content as an infographic report, available for download below.

Current State of E-commerce in South Korea

With 99% of the population banked,² South Korea boasts near-universal digital payment access, driving a highly developed e-commerce market. Below are some key e-commerce statistics.

Profile of the South Korean Online Shopper

South Korea’s E-Commerce Payment Methods and Devices

Primary payment methods for e-commerce in South Korea

According to our PCMI’s E-commerce Data Library, the primary payment methods for e-commerce in South Korea, by share of volume, are:

1. Credit card – 58%
2. Digital wallet – 24%
3. Debit card – 10%
4. Bank transfers – 3%
5. Buy Now, Pay Later (BNPL) – 2%

Devices used for purchasing online

In terms of devices used for online shopping, PCMI data shows that:

• 75% of e-commerce volume in South Korea comes from purchases on mobile devices
• 25% of e-commerce volume in South Korea comes from desktop

Top-Selling Categories and Leading Online Stores in South Korea

Based on surveys, these are the best-selling products in South Korea’s e-commerce market:⁹

1. Food & drinks
2. Travel
3. Clothing & footwear
4. Accommodation
5. Electrical goods
6. Health & beauty
7. Entertainment

As for the top online stores in South Korea, based on 2023 revenue, the ranking is as follows:¹⁰

1. Coupang
2. Naver
3. Gmarket
4. Kakao
5. Taobao

Key Insights into the South Korean E-Commerce Market

Here are some key insights about e-commerce in South Korea based on our report:

Live E-Commerce in South Korea

Live e-commerce is expanding rapidly in South Korea and is reshaping the online shopping experience with interactive and real-time transactions.

Next Step:

The PCMI E-Commerce Data Library

While the data shared here can be helpful, both payments and e-commerce companies can gain deeper insights into South Korea’s e-commerce market by accessing the PCMI E-commerce Data Library for Asia Pacific.

The Library covers not only South Korea but also 12 other countries in Asia Pacific, featuring e-commerce market data such as:

• Historical volume of South Korea’s e-commerce market

• Projections of South Korea’s e-commerce market volume for 2024-2027

• Breakdowns by merchant vertical for e-commerce in South Korea: retail, travel, ride-hailing, digital goods and services like streaming

• Data on both cross-border and domestic e-commerce purchases in South Korea for 2024 and projections for 2025 and beyond

• Breakdowns and projections of payment methods used in South Korea’s e-commerce (international/domestic credit cards, Buy Now Pay Later, digital wallets, and others)

And much more.

Other key advantages make the PCMI E-commerce Data Library for Asia Pacific a uniquely powerful tool for companies that seek a fuller understanding of e-commerce in the region:

• It’s customizable to client needs: you can obtain additional data you need for your company’s specific business concerns, beyond what the Library offers

• It’s budget-friendly: while detailed reports are available for 12+ countries, you can just buy data on just 1 or save money by purchasing a country bundle

• It includes personalized guidance: every purchase of the Library entitles you to a free 1-hour consultation about the data with one of PCMI’s industry experts

• It offers unlimited sharing: there is no single-user license with the PCMI E-commerce Data Library for Asia Pacific, so you can share it freely with your organization

Sources:

1. PCMI E-commerce Data Library ↩︎
2. PPRO, 2023 ↩︎
3. “Sector Trend Analysis – E-commerce market trends in South Korea.” Market Intelligence Reports – Government of Canada ↩︎
4. GlobalData’s 2023 Financial Services Consumer Survey ↩︎
5. “Affluent Gen Xers lead e-commerce shopping in South Korea,” The Korea Economic Daily, June 13, 2024 ↩︎
6. As of February 2023. | “South Korean Market Intelligence Report 2024 – E-commerce.” Great Britain & Northern Ireland – Department for Business & Trade ↩︎
7. OOSGA, 2023. “E-Commerce in South Korea: Outlook & Retail Trends in 2023” ↩︎
8. GWI (Q3, 2021), as cited by OOSGA, 2023 ↩︎
9. GlobalData’s 2023 Financial Services Consumer Survey, based on e-commerce values, 2023 ↩︎
10. ECDB, 2023. Based on GMV, 2023 ↩︎
11. South Korean Market Intelligence Report 2024 – Ecommerce.” Great Britain & Northern Ireland – Department for Business & Trade ↩︎
12. South Korean Market Intelligence Report 2024 – Ecommerce.” Great Britain & Northern Ireland – Department for Business & Trade ↩︎
13. Conversion from KRW 96.5 billion to USD | NHN AD (July 1, 2024). “6월 라이브커머스 종합 리포트 : 거래액 965억원!” ↩︎
14. “Live Commerce Growing at a Blistering Pace,” The Korca Bizwire, April 7, 2022 ↩︎
15. “The rise of live stream shopping: South Korea’s tips for success,” Think with Google, June 2023 ↩︎
16. “YouTube to launch its first official shopping channel in South Korea, Yonhap reports,” Reuters, June 20, 2023 ↩︎