Borderfree is a firm that assists client companies with their global online efforts: “Our end-to-end solution breaks down borders and all barriers to sell your product where it’s never been sold before. And done with the least amount of effort on your part.”
Recently, Borderfree produced a report about the opportunities for online retailing in South Korea:
“With three-quarters of Koreans owning smartphones, a dynamic mobile marketing and commerce strategy will help retailers compete. Koreans are highly responsive to online sales; they have money to spend and are swayed by bargains — meaning deals posted in online communities can go viral fast. The percentage of discount-priced SKUs purchased by Koreans is the highest across the Borderfree network.”
“South Koreans frequently visit and study in the U.S., exposing them to U.S. brands and highlighting the dramatic cost-savings available from buying abroad. However, language is still a significant barrier to comfort and conversion — and translated content is strongly encouraged. Consumer behavior is shifting as savvy shoppers learn to buy goods abroad. An increasing number of Koreans shop overseas retailers to find lower prices, leverage parcel-forwarding to save on shipping costs, and join online communities to resell imported items they don’t want.”
“With its strong currency, demonstrated zeal for shopping online, broad access to credit cards for online payments, and world leadership in broadband speed and penetration, South Korea is expected to be a top growth channel for E-commerce.
Take a look at Borderfree’s infographic on E-commerce in South Korea.