Expected to Reach KW100tr in 2025
Competition is heating up in the e-commerce and subscription sector of South Korea with 11Street now in the sector in collaboration with its parent company SK Telecom and Amazon.
The first form of the collaboration is a paid subscription service starting from 4,900 won a month and providing direct purchase from Amazon delivered free of charge. 11Street is expected to expand this service down the road to cover Amazon Prime Video and Kindle as well.
Coupang, in the meantime, initiated a regular delivery service in as early as March 2015 and more than 400,000 customers are currently using it. In addition, Coupang’s membership programs include one providing online video streaming as well as free same-day delivery and overnight delivery for 2,900 won a month.
Wemakeprice’s services include free VIP membership for those with a monthly purchase frequency of three times or more or a monthly purchase amount of 200,000 won or more. The services also include a regular delivery of flowers selected by a florist.
According to market research firms, the subscription economy of South Korea grew from 25.9 trillion won to 40.1 trillion won from 2016 to 2020 and is expected to reach 100 trillion won in 2025.