Online Power

 

The rapid growth of the online overseas direct purchase market will allow it to break the US$20 billion mark in 2020 in terms of the amount of transactions.

On Nov. 15, the Hyundai Research Institute (HRI) released a report on the prospect of the market and its implications. According to the report, the amount of transactions increased from US$270 million to US$1.55 billion between 2010 and 2014 to show an annual average growth of 54.1 percent.

By item, clothes accounted for 19.1 percent of the amount in 2014, followed by healthful foods (13.5 percent), shoes (10.8 percent) and electronics products (2.2 percent). The ratio of electronics products recorded an increase of no less than 114.2 percent year-on-year in the first half of this year, though.

The HRI predicted that the size of the market is likely to reach US$20.7 billion in 2020 if the pace of the growth continues, while the infrastructure, including payment systems, continues to be improved.

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