Seoul: South Korea's e-commerce market is projected to grow by 10.2 percent year-on-year, reaching over 164 trillion won (US$118 billion) in 2024, as revealed by a global market research firm. The Korean e-commerce sector is anticipated to expand from 149.1 trillion won in 2023 to 164.3 trillion won in the upcoming year, according to London-based GlobalData. According to Yonhap News Agency, the growth of South Korea's e-commerce market is supported by robust internet infrastructure, secure online payment systems, and increasing consumer trust in online shopping platforms. Events such as Black Friday have further contributed to this upward trend. Ravi Sharma, a lead banking and payments analyst at GlobalData, highlighted that the demand for online shopping is encouraging multinational firms to enter South Korea, Asia's fourth-largest economy. Examples of this trend include the launch of a Korea-specific online platform by Chinese fast-fashion giant Shein in June 2024, and YouTube's debut of its online shoppi ng channel in the Korean language in June 2023. The frequency of online shopping among Korean consumers is notably high, with 79 percent having made an online purchase in the past month, and only 6 percent having never shopped online. Sharma also noted the promising future of South Korea's e-commerce market, driven by a growing consumer preference for online shopping, improved payment infrastructure, and the proliferation of alternative payment methods. GlobalData forecasts an average annual growth rate of 7.8 percent for the Korean e-commerce market between 2024 and 2028, projecting it to reach 222.1 trillion won by 2028.