Over the last few years, there has been an uptick in goods that businesses from Japan are selling to Korea. After the US, China and the European Union, Japan is the fourth largest source of goods purchased online in Korea with an average yearly growth of over 13% since 2018. As a major e-Commerce powerhouse, Korea is a great market for Japanese considering selling cross-border and here’s the 101 on what you need to know!
What’s at the top of the table?
So which category lands the gold medal in sales volume? That honour goes to fashion, which has also proven to be a steady and reliable growth area. It currently makes up 26% of all goods sold online to Korea from Japan and has seen an average annual growth rate of over 15% for the past three years. The next largest singular category is food, which accounts for 10% of total sales. Confectionery and dry packaged goods dominate with brands, such as Pocky, seeing healthy increases in search volume on Google Search and even by customers on Coupang.
Which category is sprinting ahead?
When it comes to growth, however, sports goods are the fastest expanding category for Japanese online sales to Korea. While sports related goods currently comprise just under 5% of total sales, its share of the pie has rocketed lately with an average yearly increase of 38% since 2018. Much of this is likely to be driven by Korea’s passion for high quality golf products, an area in which Japan remains a major player alongside the United States.
In fact, brands such as Mizuno, Honma, Srixon and Xexio have all experienced surges in search volume on Coupang. The average monthly search volume for these four brands alone on Coupang has increased by 122% in the past three years, weathering any negative impact from the pandemic. If anything, the higher restrictions on other leisure activities have proven to be a boon for golf sales in Korea.
Peak Performance
Whether it’s fashion, food or sports, there is a vast array of options for businesses from Japan selling to Korea. Plus, considering Korea’s position as the world’s second fastest growing e-Commerce market, it’s a great time to be a Japanese seller entering Korea and with Coupang’s formidable market penetration, there’s no better online retailer to get you started.
