South Korea’s online food market booms because of pandemic
18 February, 2021
South Korea’s online grocery store posted explosive growth last year because of the fallout from the coronavirus pandemic, new data displays.
The value of online food transactions in Asia’s fourth-largest economy found US$39.2 billion this past year, up 62.4 % from a year earlier, according to Statistics Korea and industry resources.
The online grocery store surpassed the $36 billion mark this past year after reaching ‘just’ $24 billion the prior year.
Previous year’s surge was related to a marked upsurge in contact-free consumption in the wake of the coronavirus outbreak.
The tally covers online transactions of food, groceries, farm produce, meat and fisheries goods, and also food delivery services.
Mobile shopping stood in $32 billion, or 70 % of the total, with internet shopping taking up the remainder.
Industry sources said food companies are actually beefing up work to meet up with soaring online shopping as a result of fallout from the coronavirus pandemic.
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