Chinese companies dominate? | South Korean economic organization: China’s rapid e-commerce penetration requires measures to respond

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Yonhap News Agency quoted the latest report from the Korea Economic Association as saying that the global e-commerce market is growing rapidly with Chinese companies at its center. With the rapid penetration of Chinese e-commerce, it is imperative for South Korea to improve its relevant industrial policies. It is recommended to adopt circulation policy improvement measures based mainly on regulatory restrictions, strengthen consumer protection and support local small and medium-sized circulation and manufacturers.

The report said that the global e-commerce market size was $5.8 trillion last year, doubling in five years, with an average annual growth rate of 14.6%, far exceeding the overall retail industry growth of 4.4%.09618）、Alibaba(09988) and Pinduoduo, with sales increasing by an average of 41% per year over the past five years, higher than the global growth rate.

According to the global e-commerce rankings, China’s three major e-commerce giants are all among the top five, with Amazon of the United States at the top, and the top five also includes South Korea’s Coupang.

The report pointed out that South Korean consumers spent 3.3 trillion won on Chinese e-commerce platforms last year, up 1.21 times year-on-year, surpassing the 1.9 trillion won of US platforms for the first time. In addition, according to the association’s statistics, in May this year, the monthly user numbers of platforms in South Korea were ranked as Coupang, AliExpress, 11th Street, Temu and Gmarket under Pinduoduo, with two seats occupied by Chinese e-commerce.

The association pointed out that South Korean supermarkets and other stores need to improve their business hours and online shopping delivery, and should strengthen the supervision of harmful foods, medicines and counterfeit goods, check whether foreign platforms fulfill their consumer protection obligations, and pay attention to issues such as user information leakage.