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The eCommerce Market In South Korea

  • Written By CJ
  • Posted April 14, 2016
  • 2 minutes Read Time

It’s always good to learn from the experts, and no we’re not referring to Media Lounge, your friendly Magento agency (although we’re pretty good at what we do!). In eCommerce terms, South Korea is a major player. Top internet speeds and eCommerce excellence has made the South Korean market definitely one to watch. In the Asia-Pacific business region only China and Japan are bigger, and worldwide, South Korea is the seventh largest eCommerce market. So what are they doing right? What tips can humble Magento store owners in the UK pick up from South Korea?

Actually, the answers to that are fairly predictable. eCommerce professionals in South Korea are doing the things we all aspire to. They’re setting themselves apart with excellent customer service standards that generally surpass what their customers experience when visiting physical stores. Online delivery is super-fast, not least because of the geography of the country and the close proximity of its inhabitants. But it’s not just about the speed. Efficiency and convenience are taken seriously in this high flying market. Consolidating orders for fewer parcels is often preferred to next day delivery, and so South Korean businesses plan and strategise with consolidation in mind. That’s great for business efficiency and customer satisfaction.

When it comes to the design of their online stores, eCommerce businesses opt for clean layouts that have a minimalist feel that’s easy to navigate and slickly tailored to adapt to worldwide customers with multi-language support. Payment options allow a variety of cards to be used, removing further obstacles to purchasing. Other boosts to online traffic come from pricing at a level that is really attractive, with discounts designed specially to entice new customers and reward loyal shoppers.

So let’s make a quick checklist for your Magento store, based on the South Korean model.

  • Slick and clean website design
  • Support for a variety of payment options
  • Intelligent use of discounting and loyalty rewards
  • Well-planned order fulfilment and delivery options
  • Support for customers who speak other languages

If you’re thinking of grabbing some of the action in the South Korea marketplace, bear in mind that many businesses there are prepared to sell a product just like yours at a loss in order to secure a new customer. It’s survival of the fittest in the global marketplace, but that also means it’s an exciting time to be in eCommerce.