South Korea's television-based shopping market, widely known as T-commerce, is expected to grow sharply this year as the country's cable TV network operators are set to launch related business, industry sources said Sunday.
According to the sources, GS, CJ and three other home shopping channel operators are planning to begin T-commerce business this year, which is regarded as a next-generation shopping platform.
T-commerce shopping allows viewers to make purchases at the touch of a button and make payments using remote controls, ridding phone calls and Internet site log-ons.
Currently, only four out of the 10 companies authorized in 2005 for related services, such as KTH and SKbroadband, offer T-commerce services.
South Korea's T-commerce has been dormant due to lack of infrastructure and strict regulations.
But since 2009, when Internet Protocol TV services were first launched, the market has been steadily growing. The number of IPTV subscribers in the country broke the 10-million mark last year.
Industry watchers said T-commerce may boom bigger as interactive TV becomes more widespread.
The Korea TV Commerce Association, a trade association, said last year's T-commerce market is estimated at 79 billion won ($71.5 million) but is expected to triple to some 250 billion won this year and burst again to 700 billion won next year. (Yonhap)