Korea's E-commerce: Present and Future
Despite the recent downturn in IT-related markets in some countries, there is no doubt that the "Third Revolution," as the innovation in IT has been dubbed, is here to stay. The growth of the Internet and e-commerce are elements of this IT revolution which are not only changing society in a fundamental way but may be providing an antidote for some ailing economies. In this article, Kim Sang-Bae, chief executive officer (CEO) of Cybertek Holdings, Inc, explains the reasons behind the surge of e-commerce in Korea and the impact it has had on Korean society. Kim argues that the Asian Financial Crisis of 1997 may have hurtled Korea into an economic crisis but this may have been the very impetus that prompted the startling rise of e-commerce in Korea from 1998, which in turn contributed to Korea's rapid economic recovery. He argues that in order for this growth in e-commerce to be sustained it is imperative that the Korean Government pursue economic reforms of its domestic market with more vigor.