The goal is to make South Korea the third largest digital power worldwide by 2027, doubling the data market with a total value of nearly $35 billion. Massive investments are planned in artificial intelligence, semiconductors, 5G/6G networks, quantum computing, metaverse, and cybersecurity, as well as the construction of 50 digital collaboration centers to support SMEs and accelerate industrial transformation. A €600 million investment is planned for next-generation semiconductor R&D, with the aim of increasing exports by 30% by 2027.
E-commerce
South Korea’s e-commerce market reached $160 billion in 2022. The country is implementing initiatives to strengthen its presence in the global digital market by:
- Consolidating relationships with raw material suppliers
- Expanding international trade, especially with ASEAN, Australia, Latin America, USA, and EU
- Enhancing cooperation in high-tech, nuclear energy, and defense industries with the USA and EU
Internet penetration is extremely high: 99% of South Koreans are regular internet users, with 98% using mobile devices, making South Korea one of the countries with the highest internet penetration worldwide. Additionally, online payment adoption reaches 70% market share, facilitating convenient e-commerce transactions.
South Korea also boasts an advanced mobile app ecosystem; platforms such as KakaoTalk and Naver integrate payment and shopping services, simplifying online purchasing.
Leading Sectors for E-commerce
Italian manufacturers can find a receptive market in South Korea in the following sectors:
- Electronics and Technology - Devices, mobile phones, computers, accessories, consumer electronics, and gadgets are the most popular online purchases.
- Fashion and Cosmetics - Clothing, shoes, fashion items, and cosmetics are highly sought after, with consumers looking for high-quality products and new trends.
- Food and Beverages - Online food shopping, including fresh ingredients and ready-to-eat meals, is increasingly appreciated.
- Home Products - Furniture, home decor, and gardening products are popular.
- Health and Wellness - Supplements, medical or fitness devices, and personal care products are frequently purchased online.
Most Popular Marketplaces
South Korean e-commerce companies invest in advanced technologies and efficient logistics, enabling fast and reliable deliveries. Online retailers frequently offer promotions, discounts, and special offers to attract and retain customers. User experience is central, with intuitive interfaces, product reviews, and multiple payment options, ensuring a smooth browsing and purchasing process.
The most popular platforms among South Koreans are:
- Gmarket - 40% market share, 25 million users, the largest and most popular
- Coupang - 30% market share, 20 million users
- 11Street - 25% market share, 15 million users
Other notable marketplaces for a digital selling strategy include Auction (online auctions), Tmon, and WeMakePrice, which focus on deals, promotions, and discounts.