8 Most Popular South Korean Ecommerce Platforms
By Sam Nguyen
In this review, we will delve into the top 8 South Korean ecommerce platforms, shedding light on their features, popularity, and the pros and cons they offer for businesses.
8 Most Popular South Korean Ecommerce Platforms
Top 8 Ecommerce Platforms in South Korea
Coupang
Coupang is one of South Korea’s largest online e-commerce platforms, often likened to Amazon for its wide range of products and services. Known for its speedy “Rocket Delivery” service, Coupang offers an extensive selection of products ranging from electronics and home goods to groceries and fashion.
By the end of 2020, the South Korean e-commerce platform Coupang had approximately 14.85 million users. As of November 2023, the number of users on the online marketplace Coupang amounted to around 147.6 million, according to Statista. It’s safe to say that Coupang has become one of South Korea’s largest online shopping destinations.
Pros and cons for South Korean businesses
| Pros | Cons |
| A large and growing customer base Swift delivery services Diverse product range User-friendly interface. | Intense competition with other sellers Strict requirements for business registration Listing and transaction fees |
NAVER
NAVER is not just an e-commerce platform but a leading South Korean online platform that operates as a search engine and offers a wide range of services, including news, email, and its own shopping section, known as NAVER Shopping. This platform provides businesses with access to a broad audience through its integrated services, from search and content to actual e-commerce functionalities.
NAVER is one of the most widely used platforms in South Korea, with millions of users relying on it for search, content, and shopping. As of November 2023, the number of users on the online marketplace Naver Shopping amounted to around 72.1 million, according to Statista.
Pros and cons for South Korean businesses
| Pros | Cons |
| Integrated services beyond e-commerce Established user trust Comprehensive advertising options. | High competition for visibility Less control over branding and customer experience |
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11 Street is one of South Korea’s leading online marketplaces, offering various products ranging from electronics, fashion, and beauty products to groceries and services. It’s known for providing a comprehensive online shopping experience with competitive prices and various deals.
Up to now, 11 Street is considered one of the largest e-commerce sites in Korea. In 2022, the revenue of South Korean e-commerce platform 11Street amounted to around 789 billion South Korean won. In November 2023, the website received a total of 44.1 million visits.
Pros and cons for South Korean businesses
| Pros | Cons |
| Flexible transaction models Robust customer support Extensive seller education programs. | 11 Street will stop supporting English and Chinese by June 2024 (The app ends in 2023) Customers may have less loyalty to individual stores |
Auction Co.
Auction Co. is the #1 South Korean e-commerce platform specializing in online auctions. It is gaining traction in the Korean market by offering a unique shopping experience that allows customers to compare prices of products from about 3000 different websites. It operates similarly to eBay, providing a space for consumer-to-consumer (C2C) and business-to-consumer (B2C) transactions. The platform is known for its auction-style listings and “Buy It Now” options.
According to Smimilarweb, the website had 23 million visits in November 2023 only.
Pros and cons for South Korean businesses
| Pros | Cons |
| Broad customer base Engaging shopping experience Wide range of collectibles Businesses can choose between auction-style or fixed-price listings | Not really easy to use for foreign buyers Dependence on the platform |
Gmarket
Gmarket, part of eBay Korea, is a top e-commerce site in South Korea. It has a large user base and a broad product range. Known for its English support, it appeals to both local and international customers. Gmarket’s prominence in Korea’s e-commerce scene makes it a key choice for businesses aiming to grow their online presence in the country.
As of November 2023, the number of users on online marketplace Gmarket amounted to around 41.4 million.
Pros and cons for South Korean businesses
| Pros | Cons |
| International reach Variety of payment options Well-established reputation Comprehensive seller support. | High competition The platform’s rules are quite complex for new sellers. |
SSG
SSG is an online shopping platform operated by Shinsegae, a major South Korean retail company. It’s known for offering a wide range of high-quality products, including fashion, beauty, home goods, and groceries, often from premium and well-known brands. SSG aims to provide a more upscale online shopping experience with a focus on customer service and product quality.
SSG is recognized as a popular online destination for quality and branded products in South Korea, particularly among consumers looking for a premium shopping experience.
In 2022, the sales revenue of online marketplace SSG.com amounted to approximately 1.61 trillion South Korean won. The large majority of these sales were domestic. In November 2023, the number of users on e-commerce platform SSG.com amounted to around 24.5 million.
Pros and cons for South Korean businesses
| Pros | Cons |
| Integration with offline stores Trend-focused platform Loyalty programs for users Premium audience | Strict seller requirements Best suited for premium or branded products, which might not fit all business types High expectations from buyers |
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Wemakeprice
Wemakeprice, often called WMP, is a popular South Korean online marketplace known for offering various products at competitive prices. It’s a discount e-commerce platform features daily deals, special promotions, and a broad product range, including electronics, fashion, beauty products, home goods, and more.
Wemakeprice is considered one of the popular e-commerce platforms in South Korea, attracting many users looking for good deals and a wide selection of products. In 2022, it had a sales revenue of over 170 billion South Korean won.
Pros and cons for South Korean businesses
| Pros | Cons |
| Opportunities to attract customers with discounts Engaging marketing campaigns Emphasis on customer experience Market visibility | Intense competition Price sensitivity Dependence on promotion to attract customers |
Lotteimall
Lotteimall is a comprehensive ecommerce platform that operates under the Lotte Group. The platform offers its customers a diverse range of products and services, leveraging advanced technologies and systems to provide a seamless user experience. With a robust supply chain management system and efficient logistics network, Lotteimall ensures timely and hassle-free delivery of orders to customers across various regions.
In November 2023, the website of Lotteimall received 4.9 million visits.
Pros and cons for South Korean businesses
| Pros | Cons |
| Diverse product range Established brand trust Integration with other Lotte services Ability to participate in Lotte’s loyalty programs | High standards Potentially higher costs for listing and selling products |
Bottom Line
These 8 most popular South Korean e-commerce platforms reveal a diverse and vibrant digital marketplace, each offering unique opportunities and challenges for businesses and consumers. Businesses can harness these platforms to reach wider audiences, tailor their marketing strategies, and enhance their online presence.
FAQs
Domestic e-commerce sales have been increasing for the past few years, reaching $180.4 billion in 2022, up from $168.5 billion in 2021. (source International Trade Administration)
Several trends will shape the future of South Korean ecommerce:
- Mobile commerce dominance
- Same-day and next-day delivery
- Personalization and AI
- Interactive and immersive shopping
