South Korea - News & Analysis

06 July 2020
The data released by the Ministry of Trade, Industry and Energy showed that the country’s retail sales were up by 2% YoY (year-on-year), driven by increased online sales of sanitary items and food products in the face of coronavirus. Growth driven by online sales Total retail sales reached US$9.65 bn in May, up from US$9.5 bn the previous year. Online was the key growth driver, with sales u...
03 July 2020
The US social media giant hopes to increase its market share in a competitive market dominated by local players. Rolling out online store, Facebook Shops Facebook has rolled out its latest innovation, Facebook Shops, in South Korea. Sellers can create their own collection and customize the look and feel of the shop with images and colours that showcase their brand. Shoppers can browse ...
22 June 2020
The South Korean ecommerce platform provider is teaming up with social media influencers around the world to support local companies. A move to support SMEs Recognising Korean small and medium-sized enterprises (SMEs) are keen to move in-store experiences online post-COVID, Gmarket is rolling out a new service that pairs up SMEs with relevant social media influencers around the world. The n...
22 June 2020
The South Korean retail conglomerate announced last week that it will launch a subscription-based snack service, the first of its kind in the country. Based on a subscription model The new service is based on a subscription business model. Shopper can sign up through Lotte Confectionery’s official Instagram or Facebook account. The number of subscribers will be limited to about 200 initia...
26 May 2020
South Korea’s leading retail operator, LOTTE Shopping, announced that it will sell 121 physical stores this year. Speed up the selling process The company’s original plan was to sell 200 stores over the next three to five years to focus on its ecommerce business. However the restructuring process has now been sped up. LOTTE Shopping said by December this year it will shut down: ...
07 May 2020
South Korea’s leading ecommerce company launched same-day fresh grocery delivery service in April, setting a new benchmark for speedy home delivery in the country. Large range and competitive price The service allows customers to order fresh food items before 10am and have them delivered by 6pm on the same day. It is available to subscribers of Rocket Wow Club, Coupang’s membership program....
29 April 2020
The coronavirus outbreak has changed Asian consumers’ habits, especially in Hong Kong and China. A trend that can be seen across markets Survey research shows a high share of consumers claimed they prefer to eat at home more often now than they did in the pre-COVID period. The trend can be seen in several Asian markets, but is much more pronounced in China and Hong Kong: China : 86% ...
29 April 2020
Lotte sets the target of doubling its last year’s ecommerce sales levels to KRW20 tn (US$16.3 bn) by 2023. Upgrading online services As part of the plan to double its online sales by 2023, the company has rolled out one-hour grocery delivery service. It is a faster delivery service than the same day or Dawn Delivery offered by its two key rivals, Coupang and Shinsegae’s Emart. The ...
27 April 2020
LOTTE sees the newly-launched platform “LOTTE ON” as a key component to its digital transition. Confident but not without challenges Integrating existing online platforms, such as LOTTE Department Store, LOTTE Mart and LOTTE Home Shopping, the group aims to treble its online turnover to KRW20 tn by 2023 as it plans to generate leads through the new online platform and utilize offline stores...
30 March 2020
As shoppers migrating to online shopping, retailers in South Korea are looking to accelerate ecommerce growth through mergers and acquisitions. Urgent need to expand logistics infrastructure The country’s largest grocery retailers, namely Emart (owned by Shinsegae), Lotte and Homeplus, all have developed online platforms. However, in terms of logistics infrastructure and delivery capabil...