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South Korea online sales hit record on Tesla demand
South Korea’s online shopping sales rose 13.3% year on year to a record 25.6 trillion won (US$17.4 billion) in March.
The growth was driven by Tesla orders and higher spending on food services and groceries.
The monthly total was up 3 trillion won (US$2.06 billion) from a year earlier and was the highest since the ministry began tracking the data in 2017.
Sales of automobiles and auto accessories jumped 109.9%, helped by Tesla models sold through online ordering systems.
Mobile purchases through smartphones and tablets climbed 11.6% to a record 19.4 trillion won (US$13.2 billion).
🔗 Source: Yonhap
🧠 Food for thought
Implications, context, and why it matters.
Record online shopping masks strain at some South Korean retailers and Tesla’s price-driven jump
- Tesla’s online ordering helped, while steep price cuts lifted its South Korean sales 330% year over year in March 1.
- In March, Tesla made up about 69% of imported electric vehicle registrations in South Korea 1.
- The ecommerce market reached a record high, yet several established South Korean platforms remain under strain.
- TMON Inc. and WeMakePrice Co., online retail platforms owned by Singapore-based Qoo10 Pte., an ecommerce company, filed for court receivership amid liquidity troubles. Court receivership is a legal process similar to court-supervised restructuring 2.
Tesla’s online sales model nudges more car brands onto digital channels
- Tesla started selling vehicles through an online platform in South Korea in 2017 3.
- Other automakers now test online sales, including BMW, Mercedes-Benz, Polestar, and Hyundai Motor Co. 3.
- This shift puts pressure on legacy carmakers with long-standing physical sales networks.
- Hyundai faces internal hurdles in moving fully online because its company-run sales network employs workers in the carmaker’s union. Tesla does not face that structure 3.
Recent Tesla developments
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