S. Korean e-commerce likely to top 100 trillion won ($89.7 billion) for 1st time in 2018

SEOUL, NNA - South Korea’s e-commerce market is likely to top 100 trillion won ($89.7 billion) for the first time this year as more consumers use online retail and service platforms for their speedy delivery and handy payment methods via smartphone.

Consumer spending through e-commerce jumped 22.5 percent from a year earlier to 90.6 trillion won for the January-October period and is expected to reach 120 trillion for the full year, data from the Korea National Statistical Office released Wednesday showed.

Local conglomerate Lotte Group will launch an integrated online shopping application for seven retail business units and also plans to invest 3 trillion won in e-commerce business over the next five years.