Koreans have discovered the value in cross border commerce arbitrage of many electronic products. For US and other vendors looking for new global market opportunities, the Korean market should not be ignored.
In 2013 there was 47% growth in imports to Korea due to cross border commerce activity. And, mobile commerce in Korea has been growing fast since 2011, at a compound annual growth rate of two-and-a-half times that of the United States. Korean consumers seeking ways to avoid paying for expensive global brands through brick and mortar retailers or domestic e-commerce channels now purposely shop on global platforms and willingly pay customs and duties on products to take advantage of the significant pricing disparity.
In addition, the Korean payment market has adopted a complex ActiveX payment model for buyer identity verification. Only after more than a decade later is Korea realizing the impact of that choice – forcing eCommerce players to conform to prohibitive methods to try and reduce the amount of card not present fraud in Korean e-commerce transactions. However, Korea has recently taken steps to open up the options for its payment and identity verification for online transactions.
Global merchants can take advantage of this opportunity but avoid the complex ActiveX type validation services by implementing other forms of Identity verification offered by companies like GDC and others. In addition, in the same API call you can validate the delivery address information to improve results on delivery time to the customer and reduce call center costs stemming from customers concerned with the status of their order.
Valuable New Market Opportunity. Reduced Fraud and Customer Call Center complaints. Improved Delivery. Try Worldview and See the World More Clearly.