Naver’s commerce business is sustaining steep growth. Its share of total revenue topped 30 percent for the first time, and shopping app users hit a record high. The gains are seen as the result of multiple factors coming together, including a revamp of its fee system, expansion of overseas C2C platforms, steps to bolster competitiveness in fresh food and the adoption of AI agents. Brokerages expect Naver commerce to maintain high growth this year as well.

Revenue and user metrics rise together

Industry sources said on April 15 that Naver commerce revenue increased to 36.9 trillion won in 2025 from 29.2 trillion won in 2024. Its share of total revenue rose to 30.6 percent last year from 21.9 percent in 2022, topping 30 percent for the first time. Brokerage and sales revenue, which has the character of commission income, climbed to 20.5 trillion won last year from 16.0 trillion won in 2024, and posted 550 billion to 600 billion won per quarter in the second half of last year.

App user metrics also rose. Mobile analytics service MobileIndex said monthly active users of Naver Plus Store, or Neples, rose 9 percent in March to 7.77 million from 7.10 million a month earlier, setting a record. Wiseapp Retail put the figure at 7.95 million. The institutions said Neples posted an average monthly MAU of 7.52 million in the first quarter. Naver said Neples surpassed 15.76 million cumulative downloads in a year after launch.

Consumer preference indicators are also shifting. In OpenSurvey’s Online Shopping Trend Report 2026, covering 2,100 respondents aged 15 to 69, the share picking Neples as the shopping service they use most often rose 7.5 percentage points from a year earlier to 30.1 percent. In the same month, Neples led major commerce platforms with a net promoter score of 36.5.

Fees, C2C and AI diversify growth engines

One driver is a revamp of its fee-based revenue structure. Naver raised Smart Store fees in June last year. The effect began to be reflected in revenue from the second half of last year, and will be reflected in full-year results for the first time this year. Jun-ho Lee (이준호), an analyst at Hana Securities, said the fee increase would contribute to profit as its effect is reflected across 2026.

Growth in overseas C2C platforms has added to the momentum. Fashion C2C platform Poshmark has benefited as China-linked e-commerce, or C-commerce, has been hit by the United States imposing high tariffs on Chinese products, while demand for second-hand trading rises amid high inflation. Chang-young Lee (이창영), an analyst at Yuanta Securities, said high growth is expected in the first quarter following the fourth quarter due to the tariff-related spillover effect and increased second-hand trading, adding that expectations for growth in overseas C2C commerce are high. Multiple brokerages also said C2C platforms such as KREAM and SODA are maintaining high growth in the same direction.

Kully N Mart, launched with Market Kurly in September last year, is an example of efforts to bolster competitiveness in fresh food. Transaction volume rose quickly from the initial launch, and it is cited as a factor supporting expanded service use when combined with membership tie-up benefits with Market Kurly and Spotify. Naver said its membership retention rate stood at 95 percent in the first quarter. Expanded membership-linked benefits are cited as a factor boosting the continuity of commerce use.

A shopping AI agent introduced in late February is also cited as a factor improving user experience. Naver said time spent by Neples app users in the first quarter increased 2.3 times from the initial period after launch. Over the same period, the number of returning users rose 22.9 percent from the previous quarter and the share of repeat buyers climbed 46.2 percent. Naver said the shopping AI agent is playing a role in improving search efficiency amid the increase in app activity.

Analysts also say some benefit from spillover demand linked to a Coupang personal data leak incident may have played a role. Hyo-ji Nam (남효지), an analyst at SK Securities, said the company has continued to see the effects of expanding membership users and shopping transaction volume, benefiting from customers leaving rival commerce services since late last year. Some observers say the spillover effect may gradually fade, as Coupang’s estimated March payment volume, at 57.1 trillion won by Wiseapp Retail, is showing a recovery by nearing the pre-incident level of 58.9 trillion won.

As growth continues, commerce-related costs are also rising. Marketing expenses are expected to increase 15 to 18 percent in the first quarter from a year earlier, and costs could rise further as free shipping and returns benefits for membership users are expected to expand from the second half.

Eun-jung Shin (신은정), an analyst at DB Securities, said high top-line growth in commerce is positive but a decline in margins due to investment for the time being is disappointing, adding that it is a time when the company needs a clear increase in traffic through AI agents or a separate revenue model.