In just 10 years Coupang has quickly risen to become South Korea’s top online retailer.
Coupang currently delivers 3.3 million items each day, up from an average of 2.2 million units per day at the end of 2019.
The SoftBank-backed start-up, recently valued at $9 billion, is reportedly eyeing an IPO as soon as 2021.
Coupang garnered the No. 2 spot on CNBC’s 2020 Disruptor 50 list.
South Korea is a sought-after market for e-commerce companies, with one of the highest rates of internet penetration and smartphone adoption in the world, helped by superfast network speeds.
While the market remains fiercely competitive, in just 10 years e-commerce giant Coupang has managed to become the country’s most popular online retailer. The Seoul-based company owes its dominant position in part to its slate of fast delivery options, which is powered by its own logistics business, Rocket Delivery. Shoppers can choose from millions of products, many of which are available for overnight or same-day delivery, from fresh produce to tablets. This year it garnered the No. 2 spot on CNBC’s 2020 Disruptor 50 list of the world’s most innovative companies.
Coupang has inevitably drawn comparisons to Amazon, given its focus on cheap, fast delivery and convenience. The company’s slogan — “How did we ever live without Coupang?” — riffs on the same themes as Amazon’s focus on “customer obsession,” such as delighting customers and eliminating pain points in the online shopping experience. These efforts appear to be working, since more than half of all Koreans have downloaded Coupang’s app, the company says.