Digital Consumer in South Korea

5G introduced for the first time in the world and number of users jumps

5G was commercialised in April 2019 in South Korea which proves that it is one of the top countries in terms of digital connectivity. As South Koreans are extremely tech-savvy and ready to adopt new technologies, many technology companies are introducing new features with high-speed 5G connection with increasing numbers of 5G users.

Mobile is a key in digital commerce

South Korean consumers heavily use mobile devices in their daily lives on the back of well-developed mobile connectivity infrastructure. It is very common for South Koreans to use their smartphones everywhere and whenever they have spare time, as many public places such as public transportation, government entities and private institutions including banks and retail stores provide free Wi-Fi zones.

Retailing leads while other services catch up in remote payment environment

As consumer lifestyles and preferences quickly change as they seek more convenience and simpler lives, 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 department stores and hypermarkets lose popularity to e-commerce.

Proximity payment becomes next opportunity

While remote payment has been growing very fast over the past five years, many fintech players are trying to expand their coverage to the proximity payment space. Samsung Pay is the leading player in proximity payment thanks to the larger number of Samsung mobile device users, as Samsung Pay only works with Samsung’s mobile and wearable devices.

High penetration of fixed broadband boosts smart home industry

Fixed broadband penetration is also very high in South Korea such that smart appliances are becoming more popular and easier to be installed compared to other countries. The two largest consumer appliance manufacturers in South Korea are investing more in smart appliances such as smart air purifiers, air conditioners and refrigerators which can be controlled via mobile devices and work with AI technologies.

Files are delivered directly into your account within a few minutes of purchase.