L2 released today the Digital IQ Index: Beauty | Korea, which assesses 30 global and 34 local brands in the Korean market. The study found the Korea’s Skin Care and Cosmetics industries to be a beacon in the region, with 9% year-on-year growth since 2009 and ripe for more. The country has the components of an e-commerce market set to explode: online connectivity for 80% of the population, and one of the world’s fastest internet speeds. The country has a per capita GDP of $34,777, and the average consumer spends $1,050 online each year.
Korea’s beauty brands are keeping pace with the country’s rapid adoption of mobile. Seventy-eight percent of Korean beauty sites are mobile optimized, surpassing the mobile optimization rates in Japan and the US.
Yet, there is room for improvement in m-commerce as 55% of Korean consumers are expected to make a mobile purchase in the next year and less than half of brands offer that option. For more on how beauty brands in Korea are competing for consumers’ online spend, download L2 Digital IQ Index: Beauty | Korea.