As consumer lifestyles and preferences are quickly changing as they seek more convenient and simpler lifestyles, e-commerce is rapidly increasing in many areas in South Korea. Large store-based retailing players such as Lotte Shopping are facing a difficult time, as large businesses including department stores and hypermarkets are losing popularity to e-commerce.
While retailing is the leading industry due to its larger market size, online-based service providers are driving the digital commerce industry as well. The online foodservice delivery industry is one of the fastest growing areas, as single-person households and dual-income household are rapidly increasing and many consumers do not want to spend much time on the preparation of meals.
While remote payment has been growing very rapidly over the past five years, many fintech players are trying to expand their coverage to the proximity payments market. Samsung Pay is the leading player in proximity payments thanks to its larger number of Samsung mobile device users, as Samsung Pay only works with Samsung’s mobile and wearable devices.
Naver Pay is one of the fastest growing digital wallets in South Korea thanks to its parent company, Naver Corporation, which through Naver was the first web portal in the country to develop its own search engine. Naver’s e-commerce platform, Naver Shopping, is growing very rapidly thanks to its heavy traffic from the most popular web portal, Naver, and it provides extra rewards and discounts when consumers pay via Naver Pay.
While the online foodservice delivery industry is growing very rapidly, the competition has been getting more intense. The largest market player is the local company Baedal Minjok, from Woowa Brothers, taking the majority of market share in South Korea.
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