April 6, 2020
E-commerce transactions make up more than 20% of total retail sales for first time

E-commerce transactions make up more than 20% of total retail sales for first time

The latest government data shows online goods
sales made up more than 20-percent of the total retail sales in November last year. Statistics Korea says this is the highest
proportion of online sales since related figures were first compiled in 2001. Ko Roon-hee help us look beyond the numbers. Online shopping keeps growing and growing. According to Statistics Korea on Wednesday,
e-commerce goods sales made up 20-point-5 percent of the total retail sales in South
Korea in November. The data does not include online transactions
for services. Statistics Korea said the increasing popularity
and development of mobile payment platforms…such as Kakaopay is behind the trend, along with
cheaper prices, and the ease of comparing prices online. This percentage is higher than in other major
countries like the U.S., where according to the U.S. Department of Commerce, combined
online sales of goods and services accounted for less than 10-percent of total retail sales
in the 3rd quarter of 2018. The total value of online purchases also hit
an all-time high in November. Data shows the total online transactions in
November had a value of 9-point-5 billion U.S. dollars, up 22-point-1 percent on year. This was mainly due to many Korean companies
participating in events similar to Black Friday in the U.S. and China’s annual ‘Singles’ Day’
sales event during the month. Major online malls offered their biggest discounts
in November to compete with foreign companies. Breaking it down by item, transactions in
electronics and home appliances jumped by almost 30-percent on year. Statistics Korea said more people purchased
electronic products related to fine dust…such as air purifiers. Transactions in the food and beverage category
also increased by more than 30-percent… as many one-person households bought instant
meals online. Purchases made through mobile devices such
as smartphones also jumped 28-percent on-year. Ko Roon-hee, Arirang News.

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