South Korea Poised to Be a Leader in Commerce 3.0
As crypto goes more mainstream and commerce continues decentralizing, we at SesameOpen are always tracking which countries stand to benefit most and are at the forefront of the shift to Commerce 3.0 — the new era of decentralized commerce. It is clear that South Korea has all the ingredients to become a leading hub of Commerce 3.0.
Rapid Technology Adoption
South Korea has traditionally been a fast adopter of technology. It is consistently at the top for digital adoption, regularly ranks as a leading country for mobile and broadband internet speeds, and has tremendous usage of mobile throughout the country. Across business, government, and consumers, technology has become an integral part of the culture.
Blockchain is no exception to the Korean technology adoption curve. Corporate powerhouses like Samsung and Kakao have integrated blockchain technology into existing and new ventures. Hundreds of blockchain projects have launched across the entire technology stack. And consumers in Korea have the highest awareness of crypto of any country in the world, according to a recent survey from Dalia Research.
All of these data points describe a country where technology is used and celebrated as a disruptive force — exactly the shift that Commerce 3.0 represents.
Ecommerce Usage
Koreans can clearly embrace a revolution in commerce. South Korea is a Top 5 economy for retail ecommerce sales with over $75B in 2018 and is behind only China and the UK for ecommerce sales penetration with nearly a quarter of retail sales through ecommerce channels.
Looking at mobile commerce, nearly ⅔ of Korean ecommerce happens on mobile, making South Korea the 4th ranked country in terms of mobile commerce penetration. That is further evidence of how South Korea has been quick to adopt new technology and new commerce channels.
Commerce 3.0 marks another shift in the retail industry landscape, as a decentralized network of communities becomes a powerful, trusted sales channel. Given Korea’s high per capita retail spend, tremendous adoption of ecommerce and mobile commerce, and excitement about new approaches, South Korea stands ready to drive decentralized commerce forward.
Community Alignment
Community powers the decentralized commerce network of Commerce 3.0. Through trust, local curation, and shared incentives, Commerce 3.0 grows as communities and their members take part. Commerce in South Korea is already highly local. Nearly all the top ecommerce sites are local (led by Gmarket, 11Street, and Auction.co.kr), as are the top mobile payment options Naver Pay, KakaoPay, and Samsung Pay.
The continued usage of social commerce sites like WeMakePrice, TMON, and Coupang (which has moved to more of an open market model) also underlines the Korean sense of how community can impact commerce and how price incentives can drive transaction volume. In Commerce 3.0, community and crypto come together to offer curated product selection at a low price — a perfect fit for the Korean market.
A Nexus of Commerce 3.0
With strong technology adoption across consumer and business, comfort and familiarity with crypto, high per capita commerce spending, and tremendous value placed on local, community-oriented retail, South Korea has all the characteristics necessary to lead the next evolution of decentralized commerce. At SesameOpen, we look forward to working with our Korean partners and consumers to make that happen.
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