In 2017, the country had the highest level of e-commerce penetration in the Asia Pacific region (74%) and cross-border e-commerce reached US$2.0B.1 It is ranked as the third-largest e-commerce market globally, with 16% of all the country’s retail sales taking place online in the same year.2 The expansion of e-commerce has been boosted by the high internet penetration in South Korea, which is one o. [...] In 2016, approximately 44% of Koreans participated in cross-border online shopping.15 In 2017, the country had the highest level of e-commerce penetration in the Asia Pacific region (74%), and cross-border e-commerce reached US$2.0B.16 The majority of the cross-border purchases are made from the United States (48%), followed by China (15%) and Japan 13%).17 Domestic online purchases in Korea, incl. [...] By 2018, 49.1% of males and 47.1% of females in South Korea used social media.64 The highest number of social media users were in the 18-24 age group, where 82.1% of the group used social media, and the lowest were in the 64+ age group, where 6.9% were users.65 There are differences by age group with regard to the trust in news appearing on social media: while 22% of Koreans older than 55 would tr. [...] The only documents needed are a certification of business registration, a bank statement, a copy of the passport of the representative shown on the business registration, a copy of the seller’s registration form on Gmarket, and a copy of the seller’s confirmation letter on Gmarket. [...] South Korea is actively positioning itself as a startup- friendly economy and was rated 19th in the world in this regard in 2019.115 While the South Korean government heralded a “creative economy drive” in 2012 to foster a startup scene nearly from scratch, the situation is still not perfect, and the country is often overlooked in favour of other markets, such as Singapore and Hong Kong.
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