The value added in retail sales via mail order houses or via internet in South Korea has shown a dynamic trend from 2013 to 2023. Starting at 2.0466 trillion KRW in 2013, it dipped slightly in the mid-2010s before recovering and exhibiting steady growth. By 2023, the value had escalated to 3.4966 trillion KRW, indicating robust development within a decade.
Year-on-year variation highlights notable fluctuations:
- 2013 to 2016 saw mixed results with a significant drop in 2015 but a rebound in 2016 with a 6.65% increase.
- The period from 2017 to 2018 marked a strong growth phase with increases of 19.32% and 22.91% respectively.
- While there was a slight reduction in 2019, the years 2020 to 2023 demonstrated consistent albeit moderate growth of around 3% to 4% per annum.
The compounded annual growth rate (CAGR) over different periods portrays a decreasing trend, with a noticeable CAGR of 2.81% from 2018 to 2023. Forecast analysis suggests a continued yet moderated growth, with a 5-year forecast CAGR of 2.37% and an overall forecast growth rate of 12.4% through 2028.
Future trends to watch for include the potential impact of technological advancements, increased competition from global e-commerce players, and changes in consumer behavior post-pandemic. Monitoring these factors will be crucial for understanding the evolving landscape of online retail in South Korea.
