South Korea’s online retailers are stepping up efforts to attract consumers in their 40s and, more especially, their 50s and 60s. These groups are increasingly turning to online shopping malls, which were previously popular only with people in their teens, 20s and 30s.
According to Statistics Korea, the 50+ market was worth South Korean won KRW44 trillion in 2010 and is expected to increase to KRW148 trillion by 2020.
To attract this older generation, online shopping malls such as GS Shop, CJ Mall and AK Mall are widening their product ranges to target this particular demographic.
Last April, GS Shop, Korea's number one home shopping company, opened an internet shopping mall called Oahu for over 50 consumers. The mall sells a wide range of goods including food, clothes, accessories, shoes and cosmetics.
According to Oahu, existing online shopping malls are difficult to use for consumers aged 50 and over. Oahu said over 40,000 people visit its website daily and that sales have consistently increased for six months since its launch, with 45% of sales being to women aged 50+. GS Shop has also worked with cosmetics company Faceshop to launch the new brand The Golden Shop for 40+ female consumers.