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E-COMMERCE IN KOREA.

Development of Internet in South Korea. Revenue from e-commerce; compared with United States & Japan. Consumer profile. Role of government. International partners. Future growth. Possible negative factors. 1 Chart.

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Introduction
E-commerce has received much publicity as growth of businesstoconsumer and businesstobusiness companies has resulted in impressive stock gains. The nature of the Internet has meant that these gains have not been limited to a single country, but have instead been seen throughout the world, although with varying degrees of success. This research examines the South Korean market and the state of e-commerce in Korea.
E-Commerce in Korea
In 1998, revenue from e-commerce in Korea was estimated at $49.7 million supporting approximately 400 shopping mall sites. This is far fewer Internet mall sites than in Japan (7,000 in 1998) or the United States (450,000 in 1998), but more than 1500 mall sites were expected to be on-line in Korea by the end of 1999. Analysts expect tha

1 82 9u 168). Korea gov't holds first e-commerce policy conference. Introduction E-commerce has received much publicity as growth of business-to-consumer and business-to-business companies has resulted in impressivestock gains. By contrast, e-commerce in the United States is expected to reach $54 billion in 2 3, ormore than 5 percent of the projected $1 trillion global level ("ElectronicCommerce," 1999, p. 663). (1999, October 21). 1 82 9u 168. 27). Government officials from 15different government agencies (including Finance and Economy, Fair Tradeand Information and Communication) were represented at the conference.Additional conferences are expected to be held in the future to further theprogress of the first, and to offer better definition to the role of thegovernment in Korean e-commerce ("S. Analysts expect that Korea is well onits way to becoming one of the world's largest e-commerce markets (withJapan and the United States) ("Analysis," 1999, p. AsiaPulse News, p. For example, the lack of consistent (or even existent) governmentpolicies have led to problems in the infrastructure which are likely todissipate as the government takes a more active role. Jellinek, D. 1 8 55u 475). Possible Negative Factors in Korean E-Commerce Although the Internet and e-commerce have enjoyed substantial growthto this point, there are indications that the Korean market will undergosome of the same changes that have been occurring in other major Internetmarkets. IBM is also aggressively marketing its e-businesssolutions within Korea. Women who use the Internet in Korea are valued bycompanies since they are considered loyal consumers and since they haveincreasing economic power (some of which is generated by the jobs that e-commerce has provided) ("Analysis," 1999, p. In addition, anumber of entrepreneurs have been attracted to the Korean Internet marketbecause of the relatively low start-up costs. Cyber lords in outer space. 1 8 55u 475). (1999,July 28). S9). This researchexamines the South Korean market and the state of e-commerce in Korea. Morefocused government involvement and increased participation by entrepreneursshould result in the nation becoming a significant Internet participant incoming years. [pic] If e-commerce in South Korea reaches the level expected, it willaccount for only one percent of global e-commerce in 2 3. The average e-commerce consumer in Korea is different from his or herAmerican counterpart, and it is also increasingly likely that the Korean e-commerce consumer is female. 28). As more companies andindividuals establish a presence on the Web, those which are not able tooperate profitably are likely to disappear from the market ("Analysis,"1999, p. Hewlett-Packard Korea focused onexpanding its "Build the Electronic World" e-commerce solution andenhancing its cyber payment project within the South Korean market ("CyberPayment," 1999, p. Future Growth of E-Commerce in Korea As the following chart illustrates, e-commerce in Korea is expected toexceed $9.6 billion in 2 3, a substantial increase from its 1998 level of$361 million ("Electronic Commerce," 1999, p. The Model Law on ElectronicCommerce is a voluntary approach developed by the United Nations Commissionon International Trade Law. AsiaPulse News, p. E-Commerce in Korea In 1998, revenue from e-commerce in Korea was estimated at $49.7million supporting approximately 4 shopping mall sites. However, South Korea is not waiting for the international community toact before becoming actively involved in shaping the development of e-commerce in Korea. Electronic commerce in S. The unique nature of the Internet has resulted in variousattempts by international agencies and individual governments at developingan international strategy for the Internet. (1999,February 24). Company is far ahead of the pack in e-commerce. 1 82 9u 168). (1999, February).Business Korea, p. Conclusion South Korea has long encouraged the development of its economicmarkets, and the Internet has developed strong roots in this country. Cyber payment system shows HP e-commerce knack. The Role of the Korean Government in E-Commerce Governments around the world are attempting to define their role withrelationship to Internet commerce. (2 ,January 18). TheGuardian, p. This is farfewer Internet mall sites than in Japan (7, in 1998) or the UnitedStates (45 , in 1998), but more than 15 mall sites were expected to beon-line in Korea by the end of 1999. S. 663. AsiaPulse News, p. Since e-commerce is truly aninternational undertaking, with businesses based in one nation selling toconsumers in a second using computers which might be physically located ina third. The nature of the Internet has meant that these gains havenot been limited to a single country, but have instead been seen throughoutthe world, although with varying degrees of success. International Partners in Korean E-Commerce South Korea has a strong Internet infrastructure which receivedadditional support in 1999 as Hewlett-Packard and IBM announced expansionactivities in the South Korean market. 1 8 55u 475. (1999, February).Business Korea, p. In general, e-commerce consumers in Koreatend to be younger (in their 2 s rather than middle-aged) than theirAmerican counterparts, and increased numbers of women are active on theInternet in Korea. As late as the fall of 1999, only South Korea,Singapore and the state of Illinois had adopted the Model Law (Jellinek,1999, p. The company's Net.Commerce product focuses onproviding payment services to e-commerce organizations, but the company isalso putting together a group of distributors, financial service providersand certification companies ("Company is Far Ahead," 1999, p. Korea gov't," 2 , p. 27. References Analysis: South Korea charges into the world of e-commerce. Korea to reach $9.6 bln by 2 3. S9. 1 82 9u 168). 28. In early 2 , Korea held the first-ever e-commercepolicy conference, comprised primarily of a mediation committee whose taskit is to develop national strategies.

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