Online food sales in South Korea are booming, up 62.4% year-on-year

As South Koreans have reduced dining out during the pandemic , they have significantly increased their online spending on agriculture, livestock and fishery products.

Data shows that South Korea's online food market experienced explosive growth in 2020 due to the impact of the coronavirus pandemic .

Transactions in South Korea's online food market reached 43.4 trillion won ($39.2 billion) last year, up 62.4 percent from a year earlier, according to Statistics Korea and industry data.

In 2019 , the transaction volume of South Korea's online food market exceeded 20 trillion won, reaching 26.7 trillion won . However, just one year later, its transaction volume exceeded 40 trillion won in one fell swoop .

Much of the surge in South Korea's online trading market can be attributed to the significant increase in contactless consumption following the outbreak of the COVID-19 pandemic , which has led to a significant increase in demand for online transactions including food, groceries, agricultural products, meat and fishery products, as well as food delivery services .

Mobile shopping totaled 35.1 trillion won, accounting for 70 % of the total transaction amount , and online shopping reached 8.3 trillion won . The data also showed that online food consumption trends are changing, such as the diversification of food retail services or the preference for convenient food.

With the explosion of the online food industry, many Korean food companies have also turned their attention to online! Due to the impact of the new crown epidemic , many food companies are stepping up their efforts to catch up with the growing online shopping .

It is reported that the Korean food industry is currently continuing to implement online strategies. For example, it is first releasing products online and strengthening online live broadcasts , trying to strengthen its own direct-operated shopping malls to focus on online business. Compared with existing distribution platforms, commissions can be reduced and customer big data analysis becomes easy.

A seller in the Korean food industry said : "After the distribution industry, live streaming will also become a very effective marketing tool for the food industry during the epidemic and even in the post-epidemic era . And as the online food market continues to expand and the company's sales performance steadily grows, it is very likely that more companies will participate in the future . "

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