The online shopping industry anticipates that the transaction value of e-coupon services will surpass 8 trillion won (approximately $6 billion) this year, with a consistent upward trajectory in the coming years. (Image credit: Kobiz Media/ Korea Bizwire)
SEOUL, Oct. 3 (Korea Bizwire) –The market for online e-coupon services, which provide gift certificates in the form of barcodes, is experiencing rapid growth. This surge can be attributed to the sustained popularity of non-face-to-face gifting practices that emerged during and after the COVID-19 pandemic.
The online shopping industry anticipates that the transaction value of e-coupon services will surpass 8 trillion won (approximately $6 billion) this year, with a consistent upward trajectory in the coming years.
According to recent online shopping trend statistics released by Statistics Korea, as of the end of July, the transaction value for e-coupon services had already reached 5.24 trillion won. This marks a significant increase from 2.185 trillion won in 2018, 4.495 trillion won in 2020, 6.997 trillion won in 2021, and 7.3259 trillion won in the previous year.
Throughout this year, monthly transactions have consistently exceeded 700 billion won, leading to an estimated annual transaction value exceeding 8 trillion won by year-end.
Notably, e-coupon sales on G-market have been on a steady rise. Year-to-date, G-market’s e-coupon sales have witnessed a 25 percent increase compared to the same period last year. This year, sales of life and kids-related vouchers, such as those for kids’ cafes, children’s zoos, and rental cars, have surged by 18 percent.
Other popular e-coupon categories include movie tickets (268 percent increase), snacks like donuts and ice cream (240 percent increase), burgers (100 percent increase), and coffee (89 percent increase). Sales of e-coupons tend to soar in anticipation of holidays and events, such as Christmas and Family Day.
Leading up to Chuseok, e-coupon sales on G-market experienced a remarkable 99 percent growth compared to the same period last year.
Kevin Lee (kevinlee@koreabizwire.com)
