The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.
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Learn moreMay 2020
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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.
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.
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.
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.
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.
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Overview
Explore how technology is forever altering the ways that consumers conduct commerce in the digital era in South Korea with research from Euromonitor’s team of in-country analysts.
Gain a holistic view of the digital consumer across a variety of industries in order to discover new market opportunities, keep pace with innovation and stay connected to your consumers.
If you are in consumer-facing industries, our research will save you time and money by empowering you to make informed, strategic and profitable business decisions.
When you purchase this report, you also get the data and the content from these category reports in South Korea for free:
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This report originates from our Digital Consumer market research database.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.