Jungjinkong Publishes 'Global E-commerce HOT Report'

Customized Market Entry Strategies for China, Japan, Middle East, and Latin America
'Live Commerce' as the E-commerce Trend... Promising Korean Cosmetics and Contactless IT Products

[Asia Economy Reporter Kim Cheol-hyun] The Ministry of SMEs and Startups (hereinafter referred to as the Ministry of SMEs, Minister Kwon Chil-seung) and the Small and Medium Business Corporation (hereinafter referred to as SBC, Chairman Kim Hak-do) announced on the 9th that they will publish the "Global E-commerce HOT Report," which analyzes the markets of China, Japan, the Middle East, and Latin America.

The report contains key e-commerce statistics and trends by country and also presents customized market entry strategies. This report will be available for free download from the SBC and GoBizKorea websites starting from the 10th.

According to the report, China's e-commerce market is the largest in the world, with online sales reaching 10.6 trillion yuan last year and e-commerce users surpassing 1 billion. This year, China is expected to become the first country where more than half of total consumption is conducted through e-commerce. Promising market entry items include K-Beauty, food and beverages, and kitchenware, with strategies utilizing live commerce expected to be advantageous.

Japan's e-commerce market ranks fourth globally. Since COVID-19, "nest consumption," which refers to consumer activities such as enjoying online shopping, movies, and reading content at home, has increased, and the online trading of food and daily necessities as well as delivery platform services are rapidly growing. Effective entry strategies are expected to include product configurations targeting the senior generation with high purchasing power and marketing leveraging the fourth Korean Wave boom.

The UAE is the gateway to the Middle East and a hub for logistics, aviation, and finance. The e-commerce market growth rate in the Middle East and Africa region, including the UAE, is 19.8%, which is 3.3 percentage points higher than the global average of 16.5%. Entering this region through an "omni e-commerce platform" that combines both online and offline channels is advantageous, and support for English and Arabic is essential. Recently, there has been a tendency for demand to concentrate on specific items such as non-face-to-face IT products like PCs, mobile phones, and video conferencing equipment, so differentiated approaches by product category are necessary.

Latin American regions such as Mexico and Chile have favorable conditions for e-commerce market growth due to a majority of young consumers and rapidly increasing internet usage rates. Last year, they recorded the highest growth rate at 37%.

Jo Woo-joo, head of SBC's Online Export Division, said, "We plan to publish reports analyzing the e-commerce markets of emerging countries such as India in the future," adding, "We hope that the reports containing country-specific market analyses and customized entry strategies will serve as a compass guiding domestic SMEs and startups to successful entry into the global e-commerce market."

This content was produced with the assistance of AI translation services.