Digital Consumer in South Korea

5G set to commercialise in South Korea

South Korea’s government is aiming to commercialise 5G for the first time in the world on 5 April 2019. South Korea’s big three telecommunications companies, SK Telecom, KT and LG UPlus, are preparing 5G network services.

Smart home is key for various players in the market

Smart home has become a key issue for many industries such as electronics, appliances, home furnishing and telecommunication. TV cable companies such as KT and LG have introduced AI speakers that can be used as a control tower, eg turning on and off the TV via voice with AI speakers and air controllers are taking care of the air inside the home automatically by operating air cooling or air purifying systems.

Rapid increase in internet retailing pushes digital commerce

Internet retailing is increasing rapidly in South Korea with high penetration of digital connectivity and advanced delivery systems. Internet pure players such as eBay and Coupang are showing great performance in terms of retail value sales every year, meanwhile, other offline retailers are actively investing in the online channel as well.

Digital proximity payment receiving considerable attention

While digital remote payment is already well developed in South Korea, the digital proximity payment industry is the next opportunity for many players. Samsung Electronics is a true market leader with a solid base of Galaxy smartphone users and wider spread of available POS terminals.

Commerce via social media becoming a new trend

Online commerce via social media is becoming a new trend, as many South Korean consumers, especially the younger generation, heavily use social media in their daily lives. Product reviews in social media affect consumers more than advertising when purchasing, hence many online commerce players are actively advertising with social media influencers.

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