1. News
March 5, 2021

South Korea plans to inject $267m to support retail digitalisation

The South Korean Trade, Industry and Energy Ministry has announced plans to invest around KRW300bn ($267m) to accelerate the growth of online retail in the country.

The South Korean Trade, Industry and Energy Ministry has announced plans to invest around KRW300bn ($267m) to accelerate the growth of online retail in the country.

Free Whitepaper
img

Internet’s Next Revolution: Can Web 3.0 Unlock Decentralized and Intelligent Internet?

Big tech companies have created massive ecosystems that offer the internet’s key services, making it impossible for users to break from their “walled garden” and ultimately surrender control of their data. A sharp rise in public awareness about data privacy and the value of their data has stimulated new awareness around web 3.0 networks. Web 3.0 is the third iteration of the internet, designed by token-based economics to wrest the control of user data from big tech companies and provide a user-centric internet. It creates a mesh of peer-to-peer communication and decentralized governance structures to enable individuals and organizations to tackle data privacy and censorship threats. Reasons to read: An increasing number of startups and tech players are shifting gears to create blockchain-powered decentralized ecosystems for different sector-specific applications and services. Against this backdrop, businesses need more awareness of the fast-paced fundamental restructuring of the internet. The report highlights the current state of play and the future potential of web 3.0 networks in driving decentralized and user-controlled internet. This is anticipated to unlock new possibilities for enterprises across sectors such as financial services, gaming, sports, media & entertainment, retail, and technology, among others. Read our report and gather insights on the following topics:
  • Evolution of the internet
  • Active players in the web 3.0 ecosystem
  • Key applications by major sectors
  • Driver and challenges
  • Top startups and Mergers & Acquisitions
  • Regulatory landscape & future scope
by GlobalData
Enter your details here to receive your free Whitepaper.

The decision is based on a shift in consumer shopping behaviour towards digital retail due to the coronavirus pandemic.

The investment, to be made over the next three years, will help retailers build on the e-commerce momentum and facilitate the development of advanced technologies, including drones.

To support complete unmanned delivery services across the country, around 4,000 logistics robots will be distributed by 2023. The government plans to allow delivery robots to operate on pavements from this year.

The government will also conduct around 1,000 delivery drone test runs by next year and aims to create a standardised database to provide information to consumers on around three million products by next year, including information on products containing allergens. There are also plans for new undergraduate and postgraduate courses to train workers to address the growing demand for online retail services. The government aims to train 1,200 such workers by 2026. The government expects to generate more than 20,000 retail jobs to support the growth of online commerce.

Seoul said that it would actively participate in negotiations at the World Trade Organisation (WTO) on setting international rules on the e-commerce sector and helping local businesses form stronger links with global retailers.

Last year, online platforms contributed to 30% of all sales in South Korea, compared to 24% in the previous year. The total value of online transactions made in the country last year was KRW130tn ($114.4bn), compared with KRW21.7tn ($19.1bn) ten years prior.

This rise in online shopping has been largely attributed to the Covid-19 pandemic and associated safety measures.

Free Whitepaper
img

Internet’s Next Revolution: Can Web 3.0 Unlock Decentralized and Intelligent Internet?

Big tech companies have created massive ecosystems that offer the internet’s key services, making it impossible for users to break from their “walled garden” and ultimately surrender control of their data. A sharp rise in public awareness about data privacy and the value of their data has stimulated new awareness around web 3.0 networks. Web 3.0 is the third iteration of the internet, designed by token-based economics to wrest the control of user data from big tech companies and provide a user-centric internet. It creates a mesh of peer-to-peer communication and decentralized governance structures to enable individuals and organizations to tackle data privacy and censorship threats. Reasons to read: An increasing number of startups and tech players are shifting gears to create blockchain-powered decentralized ecosystems for different sector-specific applications and services. Against this backdrop, businesses need more awareness of the fast-paced fundamental restructuring of the internet. The report highlights the current state of play and the future potential of web 3.0 networks in driving decentralized and user-controlled internet. This is anticipated to unlock new possibilities for enterprises across sectors such as financial services, gaming, sports, media & entertainment, retail, and technology, among others. Read our report and gather insights on the following topics:
  • Evolution of the internet
  • Active players in the web 3.0 ecosystem
  • Key applications by major sectors
  • Driver and challenges
  • Top startups and Mergers & Acquisitions
  • Regulatory landscape & future scope
by GlobalData
Enter your details here to receive your free Whitepaper.