1. The Size and Potential of the Korean Market
• A top 10 global economy
- As of 2022, Korea’s GDP is about $1.8 trillion, ranking 10th to 12th in the world.
- Per capita GDP is also among the world’s highest, ensuring strong purchasing power across the domestic market.
• Strong consumer base and steady growth
- With over 50 million people, Korea has high population density and excellent marketing efficiency.
- Younger generations (20s and 30s) lead trends and are highly curious about new brands and products.
• Diverse culture and lifestyle markets
- Various sectors such as fashion, beauty, IT devices, and food tech are developed, with global companies competing side by side.
- The market ecosystem is ideal for multinationals and startups to introduce innovative products and services.
2. World-class Digital and E-commerce Infrastructure
• Widespread high-speed internet and 5G
- Korea boasts the world’s highest smartphone penetration and nationwide 5G/high-speed internet networks.
- The environment is optimized for e-commerce and mobile-centric services.
• Explosive online shopping market size
- In 2024, Korea’s e-commerce market is expected to reach $183 billion, the 5th largest globally.
- Mobile shopping accounts for over 70%, making user-friendly apps and mobile web accessibility crucial.
• Rapid logistics and delivery infrastructure
- Coupang’s Rocket Delivery and major couriers’ same-day/overnight shipping provide world-class delivery speed.
- Foreign companies can also offer efficient inventory management and fast delivery by partnering with local logistics firms.
3. Characteristics and Opportunities of Korean Consumers
• High brand loyalty and trend sensitivity
- Korean consumers show great interest in overseas brands with unique designs/stories or innovative features.
- They actively share reviews and evaluations on SNS and communities both before and after their purchase, word-of-mouth marketing has significant impacts.
• Coexistence of premium and value-for-money markets
- The luxury/premium market is rapidly growing, while the mid-low price market also forms strong purchasing power with value-for-money appeal.
- Overseas companies can enter with various price points and concepts, making it easy to target different segments.
• K-culture and global cultural receptivity
- With the global spread of K-pop, K-dramas, and K-food, Korea has become a hub for cultural exchange.
- Overseas brands can boost global promotion by combining with K-culture in their marketing.
Korea, welcome to the land of opportunity!
Discover new possibilities in Asia’s leading e-commerce market.
Expected Benefits of Entering Korea
1. Maximize sales and establish a stable profit base
- As the world's top 10 economic power, Korea has rapid purchase conversion led by the Generation MZ. Active use of online platforms can drive visible sales growth from the start, with high repurchase rates supporting long-term profits.
2. Bridgehead to the Asian market & expansion of global influence
- Successful brand establishment in Korea facilitates expansion into neighboring Asian countries (China, Japan, Southeast Asia) riding the Korean Wave. “Proven in Korea” is a strong edge to global partners and investors, enabling larger-scale expansion worldwide.
3. Innovation ecosystem and collaboration opportunities
- In Korea, where diverse sectors like IT, beauty, and entertainment, Korea sees active collaboratino and development across the spectrum, from startups to major enterprises. Foreign firms can also form innovative partnerships to co-develop new technologies and products, enhancing corporate value and competitiveness.
