Welcome to a webinar coaching day focusing on e-commerce marketplaces in China, Japan and South Korea!
The webinar is organized by Food from Finland program, with the support of Experience Commerce program of Business Finland. Food and beverage industry will be the focus industry in this webinar. However, the knowledge and experience can be applied to other consumer goods.
9:00-9:10 am Opening words by Food from Finland
Diverse consumer markets like China, Japan and South Korea have highly developed e-commerce marketplaces. These three countries are amongst the top five in the world in terms of retail e-commerce sales revenue. Each of these three markets has its own dominant e-commerce players and unique way in terms of operation. Online consumer behaviors are also different in each markets. The unexpected worldwide pandemic hits hard on the global economy, but it has positive push on e-commerce development.
In China, e-commerce market has been revised up, and is set to exceed and double the anticipated growth rate CAGR of 17.1% between 2016 and 2023. For example, JD.com observed an increase in its fresh food sales over 200% over 10 days period by beginning of February compared to same period last year.
In Japan, the e-commerce market’s largest segments is food and personal care with a market volume of US$25,993m in 2020. E-commerce by consumers buying daily necessities, web-based securities trade, viewership for videos and sports events, and videoconferences on social media are on the rise.
South Korea also saw a steep rise in online shopping last month year due to more people staying indoors because of the COVID-19 outbreak, according to the Ministry of Trade, Industry and Energy. The online sales of food products rose 92.5% in February when COVID-19 infections was at its peak in South Korea.
More and more consumers are pushed to shop online by local government policy on social distancing and home quarantine. Market research done by research organizations also predict that the impact of COVID-19 outbreak on consumer behavior could be lasting beyond the pandemic. Consumers are indicating they intend to continue shopping online at the new pace. On food choices, the data on Asian consumer behavior showed an increase in consumption of products perceived by consumers to be healthy, such as fresh food, eggs, dairy, and bottled water – and a drop in purchases of alcoholic beverages and snacks.