Image source: KoreanBuddy

Asian Tech Press (SEP 13) -- South Korea's online shopping business has been growing rapidly in recent years.

According to Statistics Korea, South Korea's online shopping transactions reached 16.19 trillion won ($13.8 billion) in July, the highest since the statistics began in 2001 and a 105.1% increase over four years ago.

The Korea Herald reported that South Korea's monthly online shopping transactions surpassed 10 trillion won in October 2018 and 15 trillion won in November last year. In terms of product categories, online shopping transactions for agricultural, livestock, and aquatic products have increased by 242% over four years, groceries and food and beverages have increased by 223% over the same period, and online meal delivery and takeaway transactions have increased by 961%.

The express delivery system supports the rapid growth of online shopping in South Korea. Nowadays, goods delivery in Korea is usually within 1 to 3 days, and in some areas, it can be delivered within 10 hours.

Another noteworthy phenomenon is that more and more South Koreans over 60 years old have joined the online shopping army in recent years. A retail service analyst said, "Seniors are the main consumers of high-priced goods," buying items such as luxury goods, high-end air conditioners, and televisions.

Original title: Online shopping in Korea expands 105 percent since 2017