The number of establishments in the retail sale via mail order houses or via internet in South Korea has shown a significant upward trend from 2013 to 2023, growing from 8.42 thousand establishments in 2013 to 22.19 thousand in 2023. The growth rate was particularly notable from 2014 to 2016, with year-on-year variations exceeding 16% each year. However, the growth has moderated since 2017. Between 2021 and 2023, the number of establishments grew by approximately 3.9% in 2023, which is a slower pace compared to earlier years. The CAGR over the last 5 years stands at 3.08%.
Forecasted data suggests a continued, albeit more tempered, growth trend with the number of establishments expected to reach 26.16 thousand by 2028, denoting a forecasted 5-year CAGR of 2.53% and cumulative growth rate of 13.28% from 2023 to 2028.
Future trends to watch for:
- Increased integration of advanced technologies such as AI and big data analytics in retail operations.
- Continued expansion and consolidation in the e-commerce sector, driven by consumer demand for convenience and variety.
- Potential regulatory changes and economic fluctuations impacting small and medium-sized enterprises in the sector.
