Consumer Attitudes & Online Retail Dynamics in South Korea
iCD Research
October 4, 2011 71 Pages - SKU: ICDR6609009
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Countries covered: South Korea
Synopsis
Consumer Attitudes & Online Retail Dynamics in South Korea' provides in-depth analysis of the latest trends in online consumer shopping, covering drivers of online shopping, consumer insights, market dynamics (covering 25 product categories) and reviews of latest best practice in online retail site design.
Based on the latest data, the report not only provides details of the size and growth of this increasingly important channel, it also provides essential contexts on the penetration of online sales by product groups, how growth has developed over time and the key drivers of this market in the future.
Summary
This report is the result of ICD’s extensive market research covering the online retail industry in South Korea. “Consumer Attitudes & Online Retail Development in South Korea” provides the magnitude, growth, share, and dynamics of the online retail market and is an essential tool for companies either active in this sector or which are seeking to target this channel.
The report provides core insights into consumer behaviour and highlights the latest online trends and their impact on online product sales. Core data sets give both historical context and a view into the future - providing data from 2005 through to 2015 and allowing marketers to update their strategic planning and fill gaps in their knowledge about this rapidly evolving channel.
By examining best practice from leading national large-scale online retailers (but specifically excluding the likes of Amazon whose sites are well-known and vary little by country), as well as reviewing innovative approaches from smaller players, the report also provides insights and ideas about how best to approach growing online sales for your business.
Together these three core elements; market dynamics, consumer understanding and best practice examples will allow readers to easily understand the nature and development of online retail in South Korea and provide insight into how best to exploit the opportunities in the market.
Scope
The report analyses online consumer behaviour, market dynamics and best practice approaches to online retail in South Korea. In particular, core market data sets cover 8 product groups and 25 individual product markets within South Korea.
Product Coverage:
Clothing & Footwear
Jewelry & Watches
Luggage & Leather goods
Printed Media
Stationery & Cards
Communications Equipment
Computer Hardware & Software
Consumer Electronics
Household Appliances
Photographic Equipment
Drinks
Household Products
Packaged Food
Personal Care
Tobacco
Unpackaged Food
Floor Coverings
Furniture
Gardening & Outdoor Living
Home Improvement
Home Wares
Games Software
Music & Video
Sports Equipment
Toys & Games
Reasons To Buy
This report provides readers with unparalled levels of detail and insight into the development of online retail sales within South Korea:
- Understand consumer behaviour and online trends in US
- Understand which products will be the major winners and losers in the coming years
- Assess the impact of economic recession and recovery on market growth
- Learn from best practice approaches outlined in the case studies of leading online retailers
- Improve market and strategic planning using highly granular, forward-looking market data
Key Highlights
The Korean government has played an important role in the development of the domestic retail industry, with measures including the protection of Korean manufacturers against global manufacturers and the acceleration of the growth of the e-commerce sector through the Korea Institute for Electronic Commerce (KIEC). As a result of the global economic downturn in late 2008, South Korean GDP growth slowed to 0.2% in 2009. In the third quarter of 2009, the economy began to recover, in large part due to export growth, low interest rates, and an expansionary fiscal policy, resulting in growth exceeding 6% in 2010. However, high income consumers continued to purchase products through online channels, even during the recession, resulting in strong growth of the online retail sector throughout the review period.
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- 1 Introduction
- 1.1 What is this Report About?
- 1.2 Definitions
- 1.3 Summary Methodology
- 1.3.1 Overview
- 1.3.2 The triangulated market sizing method
- 1.3.3 Industry surveys in the creation of retail market data
- 1.3.4 Quality control and standardized processes
- 2 Consumer Insight: Online Shopping Attitudes and Behaviours
- 2.1 Overview of the South Korean Online Shopping Environment
- 2.1.1 South Korea has the highest internet penetration among developed nations
- 2.1.2 Increasing broadband penetration in Korea increases average internet speed
- 2.1.3 Early introduction of 3G service increased South Korean 3G penetration
- 2.2 Consumer Attitudes and Behaviour
- 2.2.1 South Korean government plans to make high speed broadband connection available at low prices
- 2.2.2 Consumer confidence index of 99.0 and high disposable income to stimulate online retailing in Korea
- 2.2.3 Use of social networking sites and blogs as research tools increasing among young Korean consumers
- 2.2.4 South Korean online channel contributes 8.5% towards total retail sales
- 2.2.5 Mobile e-retailing gaining momentum among South Korean consumers
- 2.2.6 Credit/debit cards remain the favourite mode of payment for South Korean online consumers
- 2.2.7 Low touch products account for 65.7% of total online shopping
- 3 Online Channel Dynamics
- 3.1 The Online Channel’s Share of Total Retail Sales
- 3.1.1 South Korean online vs. offline channel forecasts
- 3.1.2 Online penetration: global and regional comparisons
- 3.1.2.1 South Korea online retail sales penetration compared to global average
- 3.1.2.2 South Korea online retail sales penetration compared to Asia-Pacific average
- 3.2 Channel Dynamics
- 3.2.1 South Korea retail channel dynamics - future performance
- 3.2.2 Channel group share development
- 3.2.3 Individual channel performance
- 3.3 Category Dynamics
- 3.3.1 Online vs. offline retail sales comparison by category group, 2010
- 3.3.2 Online retail market dynamics by category
- 3.3.3 Online retail sales share by category group
- 3.4 Online retail sales growth by individual product category
- 3.4.1 Food and grocery categories: market size and forecasts
- 3.4.2 Electrical and electronics categories: market size and forecasts
- 3.4.3 Music, video and entertainment software categories: market size and forecasts
- 3.4.4 Apparel, accessories and luxury group categories: size and forecasts
- 3.4.5 Books, news and stationery categories: market size and forecasts
- 3.4.6 Sports and leisure equipment categories: market size and forecasts
- 3.4.7 Furniture and floor coverings categories: market size and forecasts
- 3.4.8 Home and garden product groups market size and forecasts
- 4 Case Studies: Leading Online Retailers in South Korea
- 4.1 Lotte.com, Inc
- 4.1.1 Business description
- 4.1.2 Site Experience
- 4.2 Interpark INT
- 4.2.1 Business description
- 4.2.2 Site experience
- 4.3 Other Innovative Retailers in South Korea
- 4.3.1 G-Market
- 4.3.2 11st.co.kr
- 5 Appendix
- 5.1 Methodology
- 5.2 Contact us
- 5.3 About ICD Research
- 5.4 Disclaimer
- List of Tables
- Table 1: South Korea Exchange Rate KRW-US$ (Annual Average), 2005-2010
- Table 2: ICD Research Retail Channel Definitions
- Table 3: ICD Research Retail Category Definitions
- Table 4: ICD Research Retail Country Coverage
- Table 5: South Korea Online vs. Offline Retail Sales and Forecast (KRW Billion), 2005-2015
- Table 6: South Korea Online vs. Offline Retail Sales and Forecast (US$ Billion), 2005-2015
- Table 7: South Korea Online vs. Offline Retail Sales and Forecast (% Share), 2005-2015
- Table 8: South Korea Online Sales vs. Global Average
- Table 9: South Korea Online Sales vs Asia-Pacific
- Table 10: South Korea Overall Retail Segmentation (KRW Billion) by Channel Group, 2005-2015
- Table 11: South Korea Channel Retail Sales and Forecast (KRW Billion) by Channel Group, 2005-2015
- Table 12: South Korea Channel Retail Sales and Forecast (US$ Billion) by Channel Group, 2005-2015
- Table 13: South Korea Channel Retail Sales and Forecast (% Share) by Channel Group, 2005-2015
- Table 14: South Korea Channel Retail Sales and Forecast (KRW Billion) by Channel, 2005-2015
- Table 15: South Korea Channel Retail Sales and Forecast (US$ Billion) by Channel, 2005-2015
- Table 16: South Korea Retail Sales Split (KRW Billion), Online vs Offline, 2010
- Table 17: South Korea Retail Sales Split (US$ Billion), Online vs Offline, 2010
- Table 18: South Korea Online Retailers Market Dynamics by Category Group, 2005-2015
- Table 19: South Korea Online Retail Sales and Forecast (KRW Billion) by Category Group, 2005-2015
- Table 20: South Korea Online Retail Sales and Forecast (US$ million) by Category Group, 2005-2015
- Table 21: South Korea Total and Online Retail Sales in Food and Grocery Categories (KRW Billion), 2005-2015
- Table 22: South Korea Total and Online Retail Sales in Food and Grocery Categories (US$ Billion), 2005-2015
- Table 23: South Korea Total and Online Retail Sales in Electrical and Electronics Categories (KRW Billion), 2005-2015
- Table 24: South Korea Total and Online Retail Sales in Electrical and Electronics Categories (US$ Billion), 2005-2015
- Table 25: South Korea Total and Online Retail Sales in Music, Video and Entertainment Categories (KRW Billion), 2005-2015
- Table 26: South Korea Total and Online Retail Sales in Music, Video and Entertainment Categories (US$ Billion), 2005-2015
- Table 27: South Korea Total and Online Retail Sales in Apparel, Accessories and Luxury Categories (KRW Billion), 2005-2015
- Table 28: South Korea Total and Online Retail Sales in Apparel, Accessories and Luxury Categories (US$ Billion), 2005-2015
- Table 29: South Korea Total and Online Retail Sales in Books, News and Stationery Categories (KRW Billion), 2005-2015
- Table 30: South Korea Total and Online Retail Sales in Books, News and Stationery Categories (US$ Billion), 2005-2015
- Table 31: South Korea Total and Online Retail Sales in Sports and Leisure Equipment Categories (KRW Billion), 2005-2015
- Table 32: South Korea Total and Online Retail Sales in Sports and Leisure Equipment Categories (US$ Billion), 2005-2015
- Table 33: South Korea Total and Online Retail Sales in Furniture and Floor Coverings Categories (KRW Billion), 2005-2015
- Table 34: South Korea Total and Online Retail Sales in Furniture and Floor Coverings Categories (US$ Billion), 2005-2015
- Table 35: South Korea Total and Online Retail Sales in Home and Garden Products Categories (KRW Billion), 2005-2015
- Table 36: South Korea Total and Online Retail Sales in Home and Garden Products Categories (US$ Billion), 2005-2015
- List of Figures
- Figure 1: The Triangulated Market Sizing Methodology
- Figure 2: Total Internet Users (Millions), 2005-2010
- Figure 3: Total Fixed Broadband Internet Subscribers (Millions), 2005-2010
- Figure 4: Mobile Phone Penetration, 2005-2010
- Figure 5: Broadband Speed in South Korea, 2009
- Figure 6: Share of Online Retail sales to Total Retail sales (%), 2010
- Figure 7: Mobile Usage among Koreans, 2010
- Figure 8: South Korea preferred Online Payment Methods, 2010
- Figure 9: High Touch vs. Low Touch products penetration, 2010
- Figure 10: South Korea Online vs. Offline Retail Sales and Forecast (US$ Billion), 2005-2015
- Figure 11: South Korea Online Sales vs. Global Average (% of Total Retail)
- Figure 12: South Korea Online Sales vs. Asia-Pacific Countries Average (% of Total Retail)
- Figure 13: South Korea Overall Retail Market Dynamics by Channel Group, 2005-2015
- Figure 14: South Korea Retail Sales and Forecast (KRW Billion) by Channel Group, 2005-2015
- Figure 15: South Korea Retail Sales, Online vs Offline, 2010
- Figure 16: South Korea Online Retailers Market Dynamics by Category Group, 2005-2015
- Figure 17: South Korea Online Retail Sales and Forecast (US$ Billion) by Category Group, 2005-2015
- Figure 18: Lotte - Homepage
- Figure 19: Lotte - Product Page
- Figure 20: Lotte - Checkout Process
- Figure 21: Lotte - Mobile Apps
- Figure 22: Interpark - Homepage
- Figure 23: Interpark - Product Page Layout
- Figure 24: Interpark - Page Layout
- Figure 25: G-Market - Mobile Apps
- Figure 26: Daily Deal Webpage
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