S.Korean Online Retailers' Revenue Posts Double-digit Growth In 2019

SEOUL, Jan. 29 (UrduPoint / Pakistan Point News - 29th Jan, 2020 ) :South Korean online retailers' revenue posted a double-digit growth last year thanks to the spread of mobile payment services and the fast delivery, a government report showed Wednesday.

Revenue of the local major online and offline retailers grew 4.8 percent in 2019 from the previous year, according to the Ministry of Trade, Industry and Energy.

Revenue of offline retailers reduced 0.9 percent, but online retailers recorded 14.2 percent of expansion in revenue last year.

In 2018, offline retailers' sale increased 1.9 percent, while revenue of online retailers advanced 15.9 percent.

The continued double-digit increase was attributed to the rising number of mobile payment services and the rapid delivery services offered by online retailers.

Among the offline retailers, revenue of convenience stores gained 4.1 percent on solid demand for processed food and household medicine.

Revenue by department stores and discount outlets retreated 0.1 percent and 5.1 percent each last year.