South Korea

South Korea's retailers are adding new services

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Retailers are embracing the opportunity to send the food directly to the consumer as the demographic shifts are reshaping the market.

Posted on Sep 03 ,06:32

South Korea's retailers are adding new services

A quarter of the households in Korea are one-person households and the percentage will grow to 35% by 2035. This situation has reshaped the retail market in the last years and still adds some novelties in terms of services in food delivery.
"The demand for the delivery of fresh food is continually on the rise. Coupang, a major e-commerce company, is capturing the demand by introducing new services such as Rocket Service (delivery of orders in 24 hours) and Dawn Delivery (order by midnight, delivery by 6 am the next morning).
Services like these are transforming the landscape in South Korea," according to the latest IGD Asia report.
South Korea is the most advanced online grocery market in Asia. IGD's forecast model predicts the country’s online grocery market will make up 14.2% of its grocery sales by 2023, up from 8.3% today. One in three South Korean shoppers have purchased groceries online and the competition is increasing at a fast pace.
Lately, large grocery retailers have increased their investments in logistics to keep pace with online rivals and meet changing shopper needs.
" Homeplus: offers same-day food delivery through its partnership with AUCTION, an e-commerce platform. It also launched two fulfillment centers in Gyeonggi Province this week to meet delivery demands;
SSG.com: the online service of South Korea’s retail conglomerate, Shinsegae, formed in March 2019 by consolidating its multiple e-commerce sites into one. It also processes Emart orders and launched Dawn Delivery in 2019. SSG.com currently has two logistics centers. A third one will be opened this year;
Lotte: has a signature delivery service called same-day night-time delivery service. If a customer places an order before 8 pm, the goods will be delivered before midnight on the same day. It is also expanding its logistics centers to meet the increasing demand," said the report.

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