Current location:business >>
China now S. Korea's top e
business5322People have gathered around
IntroductionChina became the top overseas direct purchase choice for South Koreans last year, surpassing the Uni ...
China became the top overseas direct purchase choice for South Koreans last year, surpassing the United States for the first time, which industry experts attributed to increasing demand from South Korean consumers for cost-effective commodities through Chinese fast-growing cross-border e-commerce platforms.
South Korean shoppers spent 6.75 trillion won ($5 billion) on direct purchases of overseas products online in 2023, up 26.9 percent year-on-year, according to a report from The Korea Times, citing data from Statistics Korea.
Out of the total 6.75 trillion won spent by South Koreans on overseas direct purchases, China accounted for 3.28 trillion won, or about 48 percent, marking a whopping 121.2 percent increase compared to the previous year, the report said.
The US, which had held the top spot as South Korean shoppers' favorite overseas direct purchase option, ranked second. It took up 1.85 trillion won of annual transactions, or 27 percent, a drop of 7.3 percent year-on-year.
The report also said China's strength in the overseas direct purchase market is likely to persist for the time being, given that China's huge consumer market continues to expand alongside the country's robust and efficient online shopping landscape.
China's cross-border online marketplaces such as tech heavyweight Alibaba Group's AliExpress and Temu — which is owned by online discounter PDD Holdings — are gaining popularity among price-conscious South Korean consumers with their cost-effective products and pervasive online promotions, experts said.
AliExpress and Cainiao Group, Alibaba's logistics arm, launched a seven-day express delivery service for oversized parcels in South Korea in early January. Consumers in South Korea can receive furniture, home appliances and other large-sized parcels within seven days.
AliExpress announced plans to invest about 100 billion won in South Korea last year in a bid to offer more attractive products and a better cross-border shopping experience for local consumers, as the online retailer has stepped up its push to strengthen its presence in the growing cross-border shopping market.
The company has also launched a new service called "AliExpress Choice" in South Korea, which will provide customers with free shipping, free returns, delivery guarantees and even more affordable prices.
Temu, which offers a wide selection of Chinese-made merchandise, such as clothing, electronics, jewelry, shoes, handbags and cosmetics at competitive prices, made forays into South Korea in July. Launched in the US in September 2022, Temu now has a presence in more than 40 countries in North America, Europe, Asia and Oceania.
According to smartphone app market research firm WiseApp, Ali-Express became the e-commerce app gaining the largest number of new users in South Korea in 2023.AliExpress garnered an average of about 3.71 million new users every month, with 7.07 million monthly active users in South Korea in November, while Temu attracted a monthly average of 3.54 million users.
Zhang Zhouping, an independent analyst who has been tracking the cross-border e-commerce sector for more than a decade, said, "In recent years, Chinese e-commerce platforms have accelerated steps to expand their global footprint via offering shopping subsidies and launching promotional campaigns, increasing their influence in overseas markets, including South Korea."
High-quality affordable Chinese products are increasingly favored by overseas buyers, Zhang said.
"Chinese online retailers need to build their own core advantages in terms of price, service, quality, supply chains and logistics, have a deep understanding about relevant policies in local markets, and comply with local laws and regulations to ensure their brands are reputable," he said.
Tags:
Reprint:Friends are welcome to share on the Internet, but please indicate the source of the article when reprinting it.“Global Gathering news portal”。http://bahrain.quotesbonanza.com/content-49a099938.html
Related articles
Seoul AI summit opens with companies including Google, Meta, OpenAI pledging to develop AI safely
businessSEOUL, South Korea (AP) — The world’s leading artificial intelligence companies pledged at the start ...
【business】
Read moreFraudster ex
businessFormer Baltimore DA Marilyn Mosby is seeking a presidential pardon as she faces decades behind bars ...
【business】
Read moreMissouri Senate filibuster ends with vote on multibillion
businessJEFFERSON CITY, Mo. (AP) — A dayslong filibuster in the Missouri Senate ended Thursday after a Repub ...
【business】
Read more
Popular articles
- Kansas takes control in the ninth and beats Kansas State in the opener of the Big 12 Tournament
- Kentucky judge declines, for now, to lift ban on executions
- Alvarez and Munguia unusually polite to each other leading up to all
- Marlins slip past Rockies 5
- US defender John Brooks to leave German club Hoffenheim
- M23 rebels seize key smartphone mineral mining town in eastern Congo
Latest articles
Victims of UK's infected blood scandal to receive final compensation payments
Nebraska forward Rienk Mast will have knee surgery and miss the 2024
Mouncastle and Mateo propel Orioles to 7
Gangs in Haiti launch fresh attacks, days after a new prime minister is announced
Pogacar extends Giro lead to over 7 minutes after winning altered Stage 16 amid protests at start
Answering readers' questions about the protest movement on US college campuses
LINKS
- John Tortorella says he failed to get Flyers to 'close the deal' in wake of late
- Tulsa athletic director Rick Dickson announces retirement
- Thai plastics firm will pay $20 million to settle with U.S. over Iran sanctions violations
- Canucks' Rick Tocchet among new coaches making an impact in leading teams to NHL playoffs
- Olympic torch makes Acropolis overnight stop a week before handover to Paris organizers
- Nice scores three as lax defending against costs Lorient
- Wesley Bryan has a big finish to restore lead at Puntacana on the PGA Tour
- South Africa man convicted in deaths of 2 Alaska Native women faces revocation of U.S. citizenship
- Streamlined logistics allow landlocked regions to expand global reach
- Nelly Korda 1 shot back through 36 holes at Chevron Championship as she chases 5th straight victory