Smartphones reshape retail landscape

The growing use of smartphones has entirely changed lifestyles in the 21st century, expanding to online shopping and changing the landscape of the retail industry.

According to data from the Korea Online Shopping Association (KOLSA), monetary transactions via mobile online shopping totaled 3 billion won in 2009 when there were only 750,000 smartphones users at the time.

But the numbers have surged since then: in 2010, transactions amounted to 14 billion won from 7.18 million users. Last year, the “market” grew to 200 billion won with 22.8 million people using the devices.

This year, KOLSA expects 34.8 million Koreans will be using smartphones and shop via the device with the amount of monetary transactions exceeding 600 billion won.

The report also states that the online shopping market grew 17 percent last year and will increase by 13 percent this year. The organization said Korea’s overall online shopping market was valued at 39.4 trillion won in 2011, and expects new revenue pipelines for firms via the new mobile platform.

For full article see Korea Times.