eBay Inc., a global commerce leader, announced that it will be exploring strategic options for its unit in South Korea.

eBay has started exploring, reviewing and evaluating strategic options for its Korea business, including the potential sale of its online marketplace in South Korea.

In a recent statement, eBay has explained that "the company is considering options that would maximize value for its shareholders and create future growth opportunities for the business, “ as reported by Bloomberg.

Currently, eBay has 183 million active buyers and 11 percent of its annual revenue comes from South Korea.

Although, the online marketplace benefited from an increase in the number of shoppers as the world moved online due to the COVID-19 pandemic, it's growth has been slower than its competitors, including Amazon.

The company will not make any further announcements on the process until a decision is made by the eBay board.