Many of you are familiar with Amazon, a multinational tech company best known for its worldwide e-commerce system with really quick product deliveries that come right to your door within a few days or even on the same day. Although the size of Amazon seems to overshadow any other possibility of competition, there’s a rising star all the way in South Korea called Coupang. This South Korean e-commerce company was created by Bom Kim, a graduate of Harvard University. Coupang and Bom Kim have had great success in the country, and they should not be taken lightly.
As the largest online retailer in South Korea, Coupang’s total annual revenue surpasses $4 billion USD. Although they have not yet made a hit in the US market, they’re ruling the game South Korea. Some may even say that their services exceed the quality of those of Amazon. You know how Amazon offers the 2-day delivery for Amazon Prime subscription members? What if Coupang can deliver your goods to your door within a few hours? That’s pretty cool. Today, it is calculated that more than 99% of Coupang orders are delivered in a day, every day of the year.
Although it is clear that Coupang is a leading favorite among consumers, this company also has its own competitors in the country. Other Korean online shops include Joteta, Gmarket, GS Shop, TMON, CJ O Shopping, Wemakeprice, Eleven-street, and TMON. Out of this group, Coupon is ranked second based only on revenue, yet it is still the clear favorite.
With a large consumer base and an overall positive satisfaction rate, Coupang still has even bigger potential to grow and improve. As many of you may know, a lot of us took a hard hit from 2020 with the weakened economy in the aftermath of the COVID-19 pandemic. However, 2021 can be a fresh start for the company and Coupang will most likely take this opportunity for the better. That’s the year Korea’s e-commerce market is expected to become the 3rd-largest in the world, only behind the United States and China. Watch out Amazon, Coupang is ready to take their share. According to survey results posted on The Korea Herald, Coupang was picked as the country’s favorite e-commerce company based on 1,200 survey participants.
