South Korea's quick commerce market is set to exceed USD 5 Billion by 2024–29, solving urban delivery challenges with innovative logistics solutions.
Highend report of this product is available
If you purchase this report now and we update it in next 100 days, get it free!
Highend report of this product is available
If you purchase this report now and we update it in next 100 days, get it free!
Highend report of this product is available
If you purchase this report now and we update it in next 100 days, get it free!
South Korea's quick commerce business has evolved as a dynamic and constantly expanding sector, reflecting the country's superior technical landscape and strong consumer expectations for fast, convenient delivery services. The South Korean rapid commerce market originated from traditional e-commerce, with early entrants such as Coupang and Gmarket pioneering online shopping. However, the market surged with the introduction of specific rapid commerce platforms and the increase in smartphone adoption. Companies like Baedal Minjok (Baemin) and Yogiyo arose, using technology to provide express deliveries. This market's growth has been fuelled by technological improvements such as advanced routing algorithms, real-time inventory management, and user-friendly mobile apps. Also, the growth of dark stores and micro-fulfillment centres has made delivery speedier. Investments from venture capital firms and tech behemoths have also fuelled growth and innovation. For example, SoftBank made large investments in Coupang, propelling its growth and technology breakthroughs. This shift in consumer behaviour has lasted after the epidemic, indicating long-term shifts in shopping habits and a bright future for the rapid commerce business. Also, the epidemic prompted a surge in contactless deliveries, with platforms implementing safeguards to ensure the safety of both clients and delivery people. Quick commerce enterprises in South Korea must follow a number of regulations, including food safety standards (Ministry of Food and Drug Safety), labour laws, and data privacy guidelines (Personal Information Protection Act). They must also follow local restrictions regarding delivery services and parking. Also, enterprises must follow e-commerce regulations and maintain fair competition, as defined by the Korea Fair Trade Commission.
According to the research report, "South Korea Quick Commerce Market Outlook, 2029," published by Bonafide Research, the South Korea quick commerce market is anticipated to add to more than USD 5 Billion by 2024–29. It is critical in solving the issues of dense metropolitan surroundings, hectic lifestyles, and a tech-savvy populace, making it an appealing offer for both consumers and enterprises. Also, the market stands out for its job creation and contribution to the digital economy. The quick commerce segment, in particular, is thriving because to its promise of rapid delivery, frequently within minutes. This expansion is fuelled by expanding smartphone penetration, improved internet infrastructure, and increased use of digital payments. Several main trends are influencing the market. For starters, there is a growing desire for ultra-fast deliveries, with players advertising delivery times of 30 minutes or shorter. Also, there is an increasing emphasis on sustainability, with customers preferring environmentally friendly packaging and delivery methods. The concept of "ghost kitchens," which prepare food just for delivery, is also gaining popularity. Also, the industry is experiencing a surge in the use of new technologies such as AI for demand forecasting and route optimisation, autonomous delivery via drones and robots, and data analytics for personalised marketing. Local and foreign enterprises are key players in South Korea's rapid commerce market. Coupang, a local e-commerce behemoth, is a major player, offering a diverse choice of products with quick delivery via its "Rocket Delivery" service. Woowa Brothers' Baedal Minjok (Baemin) is another key player in the express meal delivery market. Other notable players include Yogiyo, Market Kurly, and Gmarket. Coupang partnered with local stores and brands to broaden its product offers. Baemin worked with worldwide food companies such as McDonald's and KFC to improve its delivery services. Market Kurly partnered with traditional markets to provide fresh vegetables with rapid delivery. Coupang teamed with LG Uplus to improve its delivery services by leveraging new technologies such as AI and IoT.
A Bonafide Research industry report provides in-depth market analysis, trends, competitive insights, and strategic recommendations to help businesses make informed decisions.
Download SampleCustomise your report by selecting specific countries or regions
Specify Scope NowOne individual can access, store, display, or archive the report in Excel format but cannot print, copy, or share it. Use is confidential and internal only. Read More
One individual can access, store, display, or archive the report in PDF format but cannot print, copy, or share it. Use is confidential and internal only. Read More
Up to 10 employees in one region can store, display, duplicate, and archive the report for internal use. Use is confidential and printable. Read More
All employees globally can access, print, copy, and cite data externally (with attribution to Bonafide Research). Read More
Safe and Secure SSL Encrypted
We offer 10% Free Customization at the time of purchase
Get Free CustomizationWe sent OTP in your email & phone
Check your spam/junk folder as well
We are friendly and approachable, give us a call.
We use cookies to ensure you get the best experience on our website.