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1、1THE LANDSCAPE OF B2C E-COMMERCE MARKETPLACES IN THE REPUBLIC OF KOREACountry Brief The Republic of Korea|2THE LANDSCAPE OF B2C E-COMMERCE MARKETPLACES IN THE REPUPLIC OF KOREACountry Brief The Republic of Korea|Executive summaryThe Republic of Korea shows a particularly high internet penetration ra

2、te(97%)and a large proportion ofe-commerce users(77%).Nevertheless,the density of B2C marketplaces is in the middle range with a totalof 173 B2C marketplaces for a population of 51.6 million(35.1%of the total traffic in the region studied).Over the period 2019-2022,traffic on the 173 B2C marketplace

3、s remained relatively stable,at 8 billion visitsper year and slightly above.Among them,online shopping malls account for the largest proportion ofmarketplaces(61.3%)and capture most of the traffic(76.3%).The e-commerce market in the Republic of Korea is dominated by domestic companies(52%),followed

4、bythe United States(22%)and China(4%).On the total of 173 online marketplaces,there is an importantgeographical diversity considering the 16 other countries with companies holding marketplaces.The e-commerce market is diluted with the Top 10 online marketplaces capturing only 67.6%of total traffic.T

5、his Top 10 is largely dominated by online shopping malls,7 in total,and B2C marketplaces are all owned bydomestic companies.Regarding the ease of selling on these B2C marketplaces,only 45%allow foreign sellers to operate and 41%offer open registration to online sellers.A moderate proportion of these

6、 marketplaces are fully transactional(62%)but,as a corollary,63%require trading fees to sell online.The country has a larger proportion of generic B2C marketplaces(60%)than specialized marketplaces(40%).Among the 69 specialized marketplaces,33%specialize in fashion,accessories,and shoes(capturing on

7、ly18%of the traffic).The traffic dynamics also show that consumers preferences lean towards buying automotiveparts(capturing 38.5%of the traffic)and cultural content(18.5%).AcknowledgementsThe landscape of B2C e-commerce marketplaces in the Republic of Korea was prepared by MatthieuLevasseur,Nikita

8、Shahu,Jin Lee,Shuangning Cao,and Nester Jun Alcular under the guidance of SilvreDernouh and the overall supervision of Yann Duval,all from the Trade,Investment,and Innovation Division(TIID)of ESCAP(Economic and Social Commission for Asia and the Pacific).The country brief is based on data collected

9、between 2019 and 2022 by Jesse Weltevreden,Professor ofDigital Commerce at the Centre for Market Insights of Amsterdam University of Applied Sciences.Commentsand suggestions provided by Witada Anukoonwattaka and Tengfei Wang helped in further improving the countrybrief.Ren Zonneveld provided valuabl

10、e assistance in shaping the country brief template layout andcoordinating the interns team.The layout was designed by Arom Sanguanyuang,with help from NatnichaSutthivana for the project communication.Preparation of the report was funded by the Forum of East AsiaLatin America Cooperation(FEALAC)as pa

11、rtof the project entitled:“Support the strengthening of policies to monitor and promote the participation ofMSMEs in cross-border goods and services e-commerce for an inclusive and sustainable pandemic responseand recovery in East Asia and Latin America”.The country brief has also benefited from the

12、 support of theGovernment of France.3THE LANDSCAPE OF B2C E-COMMERCE MARKETPLACES IN THE REPUBLIC OF KOREACountry Brief The Republic of Korea|1.Country overviewOf the countries studied,the Republic of Korearanges among the highest internet penetrationrates(97%)in 20221.Despite this,the densityof mar

13、ketplaces to which Koreans have accessis relatively low,with a total of 173 websites fora population of 51.6 million2.This does not prevent the population in theRepublic of Korea from being among the mostactive,with 153 annual visits per capita anda significant portion of the population(77%)engaging

14、 in online shopping3.In particular,the COVID-19 pandemic has acceleratede-commerce sales,which rose by 17.4%between 2018 and 2022,a trend that isexpected to grow in 2023 by 10%4.Each B2C marketplace is held by a company registered in a specific country.These companies are distributedby country of re

15、gistration in figure 1 below.This figure shows that,in the Republic of Korea,the e-commercemarket is dominated by national companies holding 90 e-commerce marketplaces(52%).Meanwhile,a largeshare of the e-commerce market(22%)also comes from the United States with 38 marketplaces.Othercontributors in

16、clude countries such as China(4%)and Germany(2%),but also a large diversity of othercountries accounting for 20%of the total number of marketplaces(Canada,France,India,U.A.E.,U.K.)Figure 1.Locations of companies holding the marketplaces173B2Cmarketplaces153visitsper capita77%purchasedgoods online97%

17、internetpenetrationRepublic of Korea 52%United States 22%United Arab Emirates 1%India 1%Canada 1%Others 15%China 4%Germany 2%France 1%United Kingdom 1%4THE LANDSCAPE OF B2C E-COMMERCE MARKETPLACES IN THE REPUPLIC OF KOREACountry Brief The Republic of Korea|2.Marketplace trafficThe Republic of Korea

18、attracts the largest share of marketplace traffic(35.1%)among the 11 Asian countriesstudied.To achieve such a result,the country relies on a particularly high internet penetration rate(97%)anda very active population of 51.6 million with 153 visits per capita(figure 2).Moreover,e-commerce revenuesar

19、e expected to grow at a compound annual rate of 7.7%between 2023 and 2027 to reach$160.4 billion in20275.In the Republic of Korea,online shopping malls are dominating with 61.3%of the total number of marketplacesfollowed by 26%of classified sites(figure 3).Moreover,online shopping malls capture the

20、highest share ofthe total traffic(76.3%)at the expense of classified sites(17.6%),even though the latter improved slightlyover the period 2019-2022.The other types of marketplaces(auction sites,price comparison sites)represent9.2%of the total number of marketplaces,but only 5.2%in terms of traffic.F

21、igure 3.Types of marketplaces in numberand traffic(2022)Figure 2.Distribution of marketplaces traffic,amongthe countries studied(2022)0.02%0.03%0.14%0.17%3.8%6.1%7.5%8.7%11.2%27.2%35.1%0%10%20%30%40%Lao P.D.R.Brunei DarussalamCambodiaMongoliaSingaporeMalaysiaPhilippinesThailandViet NamIndonesiaRepub

22、lic of Korea3.5%0.9%2.3%5.2%6.9%26.0%17.6%61.3%76.3%0%10%20%30%40%50%60%70%80%90%100%Number ofmarketplacesTotal traffic(visits)Online shopping mallClassified sitePrice comparison siteOther siteAuction siteApart from a decrease in 2021,the totaltraffic on e-commerce marketplacesremained stable,at 8 b

23、illion visits per yearand above,over the period considered.Thisdecrease in the total e-commerce trafficto 7.3 billion visits in 2021 impacted allmarketplaces in the same order ofmagnitude as the traffic distribution(basedon their geographical presence)changedmoderately(figure 4).Indeed,marketplaces

24、with a nationalpresence largely dominated the total trafficshare,holding between 85.6%and 87.6%during the period 2019-2022.Their slightincrease in traffic share of 2%came at theexpense of marketplaces with a globalpresence,while the share of marketplaceswith a regional presence remained stable ataro

25、und 0.4%.Figure 4.Traffic trends by marketplace presence85.6%87.0%87.1%87.6%0.4%14.0%12.7%12.5%12.0%0123456789Billions2019202020212022Global presence Regional presence National presence 0.4%0.3%0.4%5THE LANDSCAPE OF B2C E-COMMERCE MARKETPLACES IN THE REPUBLIC OF KOREACountry Brief The Republic of Ko

26、rea|3.Marketplace key playersThe Republic of Korea is the most diluted e-commerce market among the studied countries with the Top 10leading websites capturing only 67.6%of the traffic(figure 5).This is also a market that seems to havea certain number of barriers at the entrance for foreign-owned mar

27、ketplaces considering that the Top 10 isonly composed of Korean companies.One of them is the successful development on these marketplaces ofsubscription-based models and paid membership,aiming at fostering customer loyalty6.A common characteristic of these top-ranking domestic marketplaces is that m

28、ost of them have only a nationalpresence,which enables these companies to concentrate their resources on their national market.Mostly,these marketplaces are online shopping malls,which continue to grow with an increase of their transactionsof 5.2%in 2022,according to Korean Statistical Information S

29、ervice(KOSIS)7.Among the Top 10,logically,considering the typology detailed in figure 3,two of them are classified sites and one is a price comparison site.Figure 5.Top 10 most popular marketplaces in the Republic of Korea in 2022Despite the still strong presence ofKorean marketplaces,we are seeingm

30、ore geographical diversity,particularlywith Anglo-Saxon companies(Canada,United Kingdom,United States).Nevertheless,it is surprising thateven though 22%of marketplacescome from the United States(figure 1),they still appear very little in thissecond ranking.In terms of types ofmarketplaces,while onli

31、ne shoppingmalls are still prominent among thefast-growing e-commerce websites,the three fastest-growing marketplacesare two classified sites and one auctionsite.Table 1.Top 10 fastest-growing marketplaces in the Republic of KoreaMarketplace NameType of marketplaceGeographical%changeScope2021-2022Us

32、ed Car Korea NetworkClassified siteNational+3 391%BlacklotAuction siteNational+1 674%AdlandProClassified siteGlobal+293%Seller MatchOnline shopping mallNational+217%FruugoOnline shopping mallGlobal+194%JoonggonaraOnline shopping mallNational+106%Book ImpactPrice comparison siteNational+105%JaztimeOn

33、line shopping mallNational+94%BrickLinkOnline shopping mallGlobal+82%NosearchOnline shopping mallNational+76%2.8%3.2%3.4%4.0%4.5%5.9%6.5%8.0%12.4%16.8%05001 0001 500NaverLotte ONSSG.comDanawaAuction.co.krCGmarket11th StreetPpomppuCoupangGlobal presence Regional presence National presence Marketplace

34、 traffic in millions of visits and in%share of the total traffic.Each flag represents the country of the company holding the marketplace.Online shopping mallsClassified sitesPrice comparison sitesin millions of visits6THE LANDSCAPE OF B2C E-COMMERCE MARKETPLACES IN THE REPUPLIC OF KOREACountry Brief

35、 The Republic of Korea|4.Ease of selling on marketplacesThe ease with which sellers can operate and sell their products on marketplaces is particularly significant inshaping the countrys e-commerce landscape.In this context,this section analyses the main factors forassessing the ease of selling on m

36、arketplaces,providing a better understanding of the environment and thechallenges faced by sellers.These factors include 1)the openness of marketplaces to foreign sellers 2)thetype of registration,3)the imposition of trading fees and 4)the type of transactional marketplaces.1)Marketplaces open to fo

37、reign sellersIn the Republic of Korea,foreign sellers are allowedto carry out business only on 45%of all B2Cmarketplaces,below the average acceptance rate inthe countries studied(52%).Indeed,most of themarketplaces are domestically owned(52%asindicated in figure 1),and therefore more inclined tohave

38、 a localized approach towards domestic sellers.As shown in figure 6,classified sites(which represent26%of the marketplaces)and other types ofwebsites are selectively open to foreign sellers,20%and 17%respectively.Others,like price comparisonsites,only allow domestic sellers on their platforms.On the

39、 other hand,online shopping malls,the mostcommon type of marketplace(61.3%),and auctionsites(6.9%),are predominately open to foreignsellers,58%and 50%respectively.However,theaverage openness of these two types of marketplacesis much lower compared to other countries studied.2)Online registration typ

40、esIn the Republic of Korea,41%of the B2C marketplacesallow open registration,such that sellers can open anaccount and start trading directly.Meanwhile,49%undertake a verification procedure before onboardingsellers.Interestingly,2%use a combination of bothregistration methods based on the seller/prod

41、uctcharacteristics(the registration process is unclear for8%of the marketplaces).A large proportion of classified sites(84%)have an openregistration while 11%undertake a simple verificationprocess to ensure respect for the community guidelines.Online shopping malls are the only other marketplacetype

42、 that offers open registration(31%)or both options(3%).In contrast,all other marketplace typesoverwhelmingly offer only verified registration(a smallproportion of auction,classified,online shopping malls,and other types of marketplaces were unclear on theirregistration procedure).Figure 6.Marketplac

43、es open to foreign sellersFigure 7.Online registration types0%10%20%30%40%50%60%70%80%90%100%Online shopping mallsAuction sitesClassified sitesOther sitesPrice comparison sites100%83%17%20%78%2%17%33%50%58%32%10%OpenRestrictedUnclear0%10%20%30%40%50%60%70%80%90%100%Classified sitesOnline shopping ma

44、llsPrice comparison sitesAuction sitesOther sitesOpenregistrationVerifiedregistrationBothUnclear100%92%67%33%8%8%58%31%3%11%84%5%7THE LANDSCAPE OF B2C E-COMMERCE MARKETPLACES IN THE REPUBLIC OF KOREACountry Brief The Republic of Korea|3)Trading fees policy to sell onlineIn the Republic of Korea,63%o

45、f the B2C marketplaces always impose a trading fee,while 16%offer bothfree and fee-based selling options,and 6%do not charge any fee(for 15%of all the marketplaces,it remainsunclear if they charge trading fees).Interestingly,all auction sites charge a selling fee usually as a proportionof the hammer

46、 price.Then,a large share of online shopping malls(78%),price comparison websites(75%),and two-thirds of other types of marketplaces(67%)impose selling fees.Generally,price comparison websitesuse a“cost per click”model and sales-based commission is popular on online shopping malls.In contrast,classi

47、fied sites are more diverse where 60%provide chargeable but optional promotional services to sellers.Another 20%of classified sites do not charge any fee at all,while 16%systematically levy trading fees onsellers to benefit,in return,from features to grow their business on this type of marketplace.F

48、igure 8.Trading fees policy to sell onlineFigure 9.Types of transactional marketplaces4)Types of transactional marketplacesIn the Republic of Korea,62%of all the marketplaces are fully transactional,providing integrated paymentoptions.The most popular transactional methods include digital wallets li

49、ke Naver Pay and Kakao Pay,PayCo,Samsung Pay,and credit cards8.Meanwhile,34%of the marketplaces do not facilitate transactions and 3%are semi-transactional providing integrated payment options only for certain products(payment systems areunclear on 1%of all the marketplaces).In fact,96%of online sho

50、pping malls are fully transactional,providinga seamless shopping experience for consumers.From the sellers perspective,integrated payment systemsallow effective management and security of transactions.Indeed,the typology of other types of marketplacesis diverse as 50%are fully transactional,33%are n

51、on-transactional and 17%are semi-transactional.Incontrast,price comparison websites(100%)and classified sites(98%)are non-transactional,requiring directpayments between buyers and sellers.Then,58%of the auction sites are non-transactional while 25%and17%are semi-and fully-transactional,respectively.

52、100%78%75%67%16%60%1%20%21%25%33%4%0%20%40%60%80%100%Pricecomparison sitesOnlineshopping mallsOther sitesClassified sitesAuction sitesTrading fees mandatoryTrading fees but also free optionNo trading feesUnclear96%50%25%1%17%17%2%2%33%58%98%100%1%0%20%40%60%80%100%Onlineshopping mallsOther sitesClas

53、sified sitesAuction sitesPrice comparisonsitesSemi-transactionalFully transactionalNon-transactionalUnclear8THE LANDSCAPE OF B2C E-COMMERCE MARKETPLACES IN THE REPUPLIC OF KOREACountry Brief The Republic of Korea|5.Product range and characteristicsIn the Republic of Korea,60%of the 173 B2C marketpla

54、ces are qualified as generic,meaning they sella broad range of goods while 40%are specialized,indicating they offer to buy a limited number of products(figure 10).Most of the classified sites and price comparison sites are generic,with 82%and 75%respectively.Online shopping mall has the most well-ba

55、lanced combination of generic(57%)and specialized(43%)marketplaces.Finally,most auction sites and other sites are specialized,92%and 67%respectively.Figure 10.Product range by marketplacesFigure 11.Product-specific marketplaces,by number and traffic(2022)Among the 69 specialized marketplaces operati

56、ng in the Republic of Korea,33%specialize in fashion,accessories,and shoes(figure 11).This is indicative of a consumer base with a pronounced interest in lifestyleproducts,especially the fashion market which is projected to increase by 1.61%each year,reaching US$25.01billion by 20289.Following this,

57、three other sectors are also well represented:automotive parts(15.5%)thecountry being the fifth largest market worldwide(12),art and collectibles(13%),and books and hobbies(11.5%).At this stage,what sets Korea apart is the particularly large number of marketplaces specializing inart compared with th

58、e other countries studied,a sector with high potential given that the Korean art markethas exceeded,in 2022,US$782 million with a trade volume of artworks increasing by 37.2 percent from 2021to 202210.While the marketplaces selling fashion/shoes account for 33%,their traffic share drops to 18%,while

59、 the traffic share of the 15.5%of marketplaces dedicated to automotive parts jumps to 38.5%.Unexpectedly,although the number of marketplaces selling cultural content only accounts for 1.5%,consumerpreferences lean towards buying these products,given that these marketplaces capture nearly one-fifth o

60、fthe total traffic(18.5%).It is also noticeable that although marketplaces specializing in art and collectiblesaccount for 13%of the total number,their traffic is close to 0%of the total visits.18%33%38.5%15.5%13%11.5%11.5%1%7%8%4%1.5%4%3%0.5%3%18.5%1.5%2%Share of trafficShare of onlinemarketplaces0

61、%20%40%60%80%100%Fashion,accessories,and ShoesCars/Motorcycles/Motor partsArt and CollectiblesBooks and hobbiesElectronics/IT and AppliancesGroceryHome&LivingBeauty,Health and Personal careMusic and sportCultural contentGiftsLuxury ProductsMonetary ProductsGeneric marketplacesSpecialized marketplace

62、s8%33%57%75%82%92%67%43%25%18%0%20%40%60%80%100%Auction sitesOther sitesOnline shopping mallsPrice comparison sitesClassified sites1World Bank.(2022).Individuals using the Internet in the Republic of Korea(%of population)(Source).2Based on authors calculations:The current sample of countries range f

63、rom 155 marketplaces to275.5 m people(1:1.8 million people)in Indonesia to 65 marketplaces to 0.6 m people(1:6154people)in Brunei Darussalam.The range goes from low density to high density.Population dataretrieved from World Bank WDI in November 2023.3Based on authors calculations:Annual visits per

64、capita=Total traffic per country in 2002/Population in2022.4GlobalData.(2023).South Korea e-commerce market to surpass$160 billion mark in 2027,forecastsGlobalData(Source).5Ibid.6KPMG Samjong Accounting Corp Business Focus.(2022,December).(Source).7Statistics Korea(Source).8Statista.(2023).Most used

65、 mobile payment services in South Korea as of December 2021(Source).9Statista.(2023).Fashion The Republic of Korea.Statista Market Insights(Source).10The Korea Times.(2023,January).Korean art market surpasses$782 mil.in 2022(Source).|Country Brief The Republic of KoreaSources9THE LANDSCAPE OF B2C E-

66、COMMERCE MARKETPLACES IN THE REPUBLIC OF KOREA10THE LANDSCAPE OF B2C E-COMMERCE MARKETPLACES IN THE REPUPLIC OF KOREACountry Brief The Republic of Korea|Project background,methodology and definitionsProject Background The COVID-19 pandemic has significantly impacted many economies,altering businessm

67、odels,especially for micro,small,and medium-sized enterprises(MSMEs),and consumer behavior.Despitethis,many MSMEs see potential in e-commerce and digital platforms for cross-border trade to aid their recoveryand access to new markets.However,significant barriers have hindered digital trade and MSMEs

68、 participation.These barriers include limited internet access,rural-urban connectivity gaps,coordination issues in tradefacilitation,slow tech adoption,unreliable delivery services,scant provisions for digital trade in agreements,restricted digital payments,and skill gaps among firms,especially MSME

69、s.To address these challenges,it isnecessary to assist MSMEs in taking advantage of the growing domestic and international e-commercemarkets.Methodology In this context,a comprehensive database has been compiled to analyze the e-commercelandscape in 11 East Asian countries.The Centre for Market Insi

70、ghts(CMI)of Amsterdam University of AppliedSciences provided the dataset of potential marketplaces,combining 15,288 business-to-consumer(B2C)marketplaces.This database specifically focuses on online marketplaces facilitating trade between businessesand consumers(B2C)in physical goods,excluding purel

71、y business-to-business(B2B),consumer-to-consumer(C2C),and service-oriented platforms.Following a manual inspection by trained coders,the final database was produced,providing information on1,559 relevant marketplaces across the 11 East Asian countries.Traffic data from 2019 to 2022 was collectedfor

72、these relevant marketplaces.Drawing upon this new comprehensive database,11 country briefs havebeen developed to deepen the understanding of policymakers,businesses,researchers,and other stakeholdersregarding the dynamics of e-commerce activities as well as the challenges and opportunities for MSMEs

73、 toparticipate in domestic and international e-commerce markets.Definitions In the following country brief,an e-commerce marketplace acts as a platform connecting buyersand sellers for trading goods.In this analysis,six main types of marketplaces have been identified:auctionsites for goods sold thro

74、ugh auctions,classified sites where ads can be posted to sell used and new items,deals/coupon sites offering discounts from third parties,online shopping malls offering a wide range ofprimarily new products from many sellers,price comparison sites aiding in comparing prices,andother sites presenting varied goods without price comparisons,redirecting users to the merchants website.Geographically,we have categorized marketplaces as National(operating within one Asian country),Regional(across multiple Asian countries),or Global(serving both Asia and other continents).