A survey by the Korean Chamber of Commerce and Industry (KCCI) on consumers in capital and major cities across South Korea showed 43.2% use of both offline and online resources when shopping. Of these, 53.7% checked products at a physical store before purchasing it online. Higher prices usually deterred consumers from shopping offline. However, price is not the only factor – the experience of examining a product was also regarded as important.
According to the LG Economic Research Institute (LGERI), consumers want to get the best from both offline and online experiences, checking quality, then buying at the cheapest price. In addition, the growth of the percentage of the population with internet access has led to an increase in online shopping. According to the LGERI’s study, 90% of those in their 20s, 78% of those in their 30s and 49% of shoppers in their 40s shop online.
Moreover, the rise in smartphone users and apps, which provide price comparisons, has also contributed to the trend. According to Google Korea, the nation’s smartphone penetration rate for the first quarter stood at 73%, which is triple that of two years ago.
