The eServices market in South Korea has experienced significant growth in recent years, driven by changing customer preferences, emerging trends, and local special circumstances. Customer preferences in South Korea have shifted towards digital services, with a growing demand for convenience and efficiency. South Korean consumers are increasingly relying on eServices for a wide range of activities, including shopping, banking, entertainment, and communication. This shift in preferences is driven by factors such as the widespread adoption of smartphones and high-speed internet connectivity, which have made accessing eServices easier and more convenient. Additionally, South Korean consumers value the security and reliability of eServices, as well as the ability to access them anytime and anywhere. One of the key trends in the eServices market in South Korea is the rapid growth of e-commerce. Online shopping has become increasingly popular, with South Korean consumers embracing the convenience and variety offered by e-commerce platforms. This trend is further fueled by the presence of major e-commerce players in the market, as well as the availability of fast and reliable delivery services. As a result, traditional brick-and-mortar retailers are facing increasing competition and are being forced to adapt to the changing market landscape. Another trend in the eServices market in South Korea is the rise of mobile payment services. South Korean consumers are increasingly using their smartphones to make payments, both online and offline. This trend is driven by the convenience and security offered by mobile payment platforms, as well as the widespread acceptance of mobile payments by merchants. As a result, traditional payment methods, such as cash and credit cards, are becoming less common in South Korea. Local special circumstances also play a role in the development of the eServices market in South Korea. The country has a highly connected population, with one of the highest internet penetration rates in the world. This, combined with a strong culture of innovation and technological advancement, has created a fertile ground for the growth of eServices. South Korean companies are at the forefront of developing new and innovative eServices, catering to the specific needs and preferences of local consumers. Underlying macroeconomic factors also contribute to the development of the eServices market in South Korea. The country has a strong and stable economy, with a high level of disposable income among its population. This enables South Korean consumers to spend more on eServices and drives the growth of the market. Additionally, the government has been supportive of the eServices industry, implementing policies and regulations that promote its development and growth. In conclusion, the eServices market in South Korea is experiencing significant growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The shift towards digital services, the rise of e-commerce and mobile payment services, the highly connected population, and the strong economy all contribute to the development and expansion of the eServices market in South Korea.
Data coverage:
The data encompasses B2C enterprises. Figures are based on Gross Merchandise Value (GMV) and represent what consumers pay for these products and services. The user metrics show the number of customers who have made at least one online purchase within the past 12 months.Modeling approach / Market size:
Market sizes are determined through a bottom-up approach, building on predefined factors for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies, third-party studies and reports, as well as survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, GDP per capita, and internet connection speed. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing. The main drivers are internet users, urban population, usage of key players, and attitudes toward online services.Additional notes:
The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. GCS data is reweighted for representativeness.
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