The retail sale via mail order houses or the internet in South Korea has seen a substantial increase from 506 establishments in 2013 to 1060 establishments in 2023. This represents a year-on-year variation of 3.32% from 2022. The industry experienced fluctuations in its trajectory, notably during 2019 with a slight decline, before continuing its upward trend. The five-year CAGR from 2016 to 2021 was relatively strong, peaking at 10.57% in 2020 and stabilizing to 2.42% in 2023. For the forecasted period from 2024 to 2028, the industry is expected to grow at a moderate pace with a CAGR of 2.17%, amounting to an 11.31% growth over five years.
Future trends to watch for include:
- Increased digitalization and technological advancements, which could spur further growth in online retailing.
- Changes in consumer behavior, particularly with a growing preference for e-commerce.
- Potential regulatory changes impacting both domestic and international e-commerce operations.
- Enhanced logistics and delivery infrastructure improving service efficiency and customer satisfaction.