At first glance, Korea appears to be “just like any other nation.” Its capital city, Seoul, is a modern, thriving metropolis with all of the latest technology the world has to offer. All over Korea, you’ll find first-class telecommunications, the requisite five-star hotels, Western restaurants, modern transport systems (including very efficient subway networks in Seoul and Busan), innovative architecture, and so forth. Every year Korea becomes more and more modern, but it is important to recognize that modern does not equal Western. Koreans will not expect you to be an expert on the nuances of their culture, but they will appreciate a show of interest in matters that are important to them.
Enthusiasm for U.S. Products
Koreans are enthusiastically curious about U.S. goods and services. and while price is often an overbearing consideration, there are foreign products that compete in Korea on their unique values – even if they cost more than local competing products or solutions. E-commerce is a key component of the overall consumer market in Korea, a country where 98% of its population (15 Million households) is connected to the web, making E-commerce a key component of Korea’s overall consumer market.
- There are over 30,000 B2C Korean Cyber Shopping Malls in Korea
- Major factors driving growth include National Broadband Infrastructure, with 37 Million internet users, and the introduction of 4G Long Term Evolution (LTE), Wireless Broadband (WiBro), as well as wide coverage of WiFi services utilized by Mobile Computers and Smart Communication Devices.
- U.S. based E-commerce companies should review the Personal Information Protection Act and ministerial data privacy/spam regulations (2007), which may restrict e-commerce for firms managing user-data on international servers.