Sales increased by 223.6%, domestic products are selling like hot cakes in South Korea!

South Korea is currently the country with the fastest e-commerce growth and the highest penetration rate in the world. According to data from the Korea National Statistical Office, in the retail industry , online shopping sales in South Korea exceeded US$140 billion in 2020, and the annual growth rate of online shopping exceeded 16% from 2018 to 2020.

It is understood that in the first quarter of 2021, the average monthly income of Koreans exceeded RMB 26,000. The relatively high per capita income will also lead to a higher level of consumption, and Koreans are more receptive to high unit prices of retail products.

According to statistics, in the first quarter of 2021, South Korea's cross-border e-commerce online shopping amount increased by 44.2% year-on-year to US$12.36 billion in sales, setting a record for the largest sales amount and growth rate in history .

From the data, we can see that now more and more Korean consumers are not only satisfied with domestic products, but also cross-border e-commerce's overseas direct mail products are also loved by more and more Korean people .

China has been South Korea's largest foreign trade partner for 17 consecutive years . From January to April 2021, the total bilateral import and export volume between China and South Korea was US$91.9 billion, a year-on-year increase of 26.2%. Among them, China's exports to South Korea were US$42.11 billion, a year-on-year increase of 25.6%.

China is close to South Korea, has a superior geographical location, convenient logistics and freight advantages , making many products exported from China to South Korea popular. Among them , washing machines, vacuum cleaners, air purifiers and other household appliances, as well as sleep aids , beauty and skin care products are widely popular among the Korean people .

Judging from the overall data of China's exports to South Korea, in the first quarter of 2021, the sales of domestic products in South Korea reached 406 million US dollars, compared with the sales of 150 million US dollars in the first quarter of 2020, a year-on-year increase of 223.6%. This shows the rapid growth of domestic products in the Korean market !

According to the editor, a seller on Amazon US said that at the beginning of 2021 , he found that several products made by the company with a value of more than 100,000 won had good orders in the Korean market, and the store's daily sales could basically reach 3 million won . It can be seen that South Korea is indeed a cross-border e-commerce target market worthy of consideration for many sellers.

According to statistics, in 2020, the hot-selling categories in the Korean e-commerce market were food and beverages, with sales of US$17.61 billion, followed by household appliances and electronic communication equipment, with sales of US $16.23 billion, catering services of US$15.5 billion, and cosmetics of US$11.12 billion. Among them, catering services had the highest growth rate of 78% compared with the same period, food and beverages of 46.3%, and household appliances of 27%.

From this, it can be seen that catering services are the most popular in the Korean e-commerce market, followed by home appliances, cosmetics and other product categories. The editor suggests that sellers can learn more about the needs of the Korean e-commerce market, grasp effective information, and segment market categories, so as to be able to strategize and keep up with market trends!

Korean Market

Sales of domestic products surge