Overseas online purchases to hit $20b by 2020: report

Overseas online purchases to hit $20b by 2020: report

Direct online purchases of foreign goods by South Koreans is expected to reach $20 billion by 2020 thanks to the increasing popularity of Internet shopping websites, a private research institute reported Monday.

According to Hyundai Research Institute, the combined transaction volume of direct purchases stood at $1.55 billion in 2014, soaring from $270 million in 2010.

About 70.8 percent of South Korean female shoppers made transactions through business-to-consumer platforms in 2014. The number was far lower among their male counterparts at 29.2 percent.

By items, clothing accounted for the largest portion of items bought at 19.1 percent, followed by health supplements with 13.5 percent and shoes with 10.8 percent. South Koreans made the most direct purchases from the U.S. ― 74.8 percent of B2C transactions ― far larger than 11.1 percent from Europe and 4.7 percent from Japan.


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