South Korea's Wiseapp: China's cross-border e-commerce transaction volume in South Korea will reach 21.1 billion yuan in 2024, a year-on-year increase of 85%

According to recent news, according to the latest data released by Wiseapp, a Korean market research organization, the total order volume of Korean consumers on China's cross-border e-commerce platforms in 2024 increased by 85% year-on-year to 4.2 trillion won (about 21.1 billion yuan).

Wiseapp conducted a sample survey on credit card, debit card and bank transfer payment data of Korean individual users aged 20 and above. The results showed that the payment amounts of Korean consumers on the two major platforms, AliExpress under Alibaba and Temu under Pinduoduo, were 3.6897 trillion won and 600.2 billion won respectively.

As of December last year, the average order amount per Korean on these two platforms was 88,601 won and 72,770 won respectively.

The total order amount of Koreans on AliExpress and Temu platforms (red is AliExpress)

Among the transaction orders on AliExpress, male consumers accounted for 73.1%, higher than the 26.9% of female consumers; while on the Temu platform, female consumers accounted for 50.9%, slightly higher than the 49.1% of male consumers.

Industry insiders believe that the success of Chinese e-commerce in South Korea is mainly due to word-of-mouth communication on social media. Chinese overseas shopping-related content has set off a craze on social platforms, especially among young consumer groups, and sharing shopping experiences has become a trend.

As Chinese e-commerce products are relatively low in price, many users purchase in bulk and then review them on social platforms, giving rise to new terms such as “AliGang” (AliExpress unboxing) and “TemuGang” (Temu unboxing).

In order to further expand the Korean market, AliExpress is in talks with Gmarket, a local Korean e-commerce platform, and plans to establish a joint venture in the first half of the year.

At the same time, Temu is also accelerating its layout and considering entering the Korean market directly. It has begun recruiting local Korean employees and optimizing the supply chain to enhance the logistics experience.

Zikuai Technology