Korea’s online shopping value top $84 bn in Jan.-Oct after record-breaking streak

2019.12.03 15:18:01

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Online transaction value topped 100 trillion won ($84 billion) in the first 10 months of this year as purchases with mobile phones become more comfortable for South Koreans, data showed Tuesday.

According to data released by Statistics Korea, the total value of online shopping transactions stood at 109.2 trillion won in the January-October period. The value topped 100 trillion won one month earlier than last year.

The surge in online shopping transaction during the period comes amid significant increase in monthly online purchases.

In October alone, Korea’s online shopping transaction reached an all-time high of 11.8 trillion won, up 17.3 percent from the same month a year ago. A large part of online shopping was done via mobile shopping whose transactions surged 23.2 percent to 7.6 trillion won during the same period – the highest amount since the agency began compiling related data in 2013.

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Mobile shopping accounted for two thirds of total online shopping transactions in October, data showed.

Yang Dong-hee, director of service industry trend at Statistics Korea, said that the volume of online shopping transaction keeps on surging to an all-time monthly high as local shoppers are offered more convenient services such as simple payment service and morning delivery service. The rise in the number of single-member households is also lifting up overall volume.

By product category, online sales of food services, cosmetics, and home appliances surged significantly in October from a year ago.

Online sales of food services jumped 80.6 percent to 908.9 billion won during the cited period, of which 93.8 percent was accounted by mobile shopping transaction.

Online purchases of cosmetics also jumped 28.2 percent to 1.1 trillion won in October thanks to a boost in duty free shop sales amid growing number of foreign travelers including those from China. Online sales of home appliances, electronics, and communications devices also increased 23.2 percent to 1.2 trillion won mainly led by growing demand for new smartphones and air purifiers.

By Lee Eun-joo

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