Summary
Driven by innovation, Coupang is fundamentally shifting the paradigm of Korea’s retail industry. Based on “Rocket Delivery” that delivers products customers want the next day, it has expanded its customer services, including Coupang Eats (food delivery service) and Coupang Play (OTT streaming service). It is a large conglomerate, consisting of affiliates such as Coupang Fulfillment Services (CFS), Coupang Logistics Services (CLS), and Coupang Pay under the umbrella of Coupang Corp. In March 2021, it was successfully listed on the New York Stock Exchange (NYSE) in the U.S.
Equipped with all kinds of products customers want 365 days a year, Coupang not only offers an effortless and convenient shopping experience, but also provides differentiated services, directly operating “every step of shopping” from sales to delivery, for example, introducing a direct delivery service for the first time in the nation. With its strong technological prowess, Coupang continues to achieve unprecedented growth in the global eCommerce market, developing into “a company that goes beyond Korea and draws global attention.”
In 2015, Coupang became the first domestic eCommerce company to break the 1 trillion won mark in revenue. In 2019, it recorded 7,153 billion won and in 2021, 20 trillion 881.2 billion won in sales. With this unprecedented pace of growth that is hardly witnessed even in the entire world, Coupang is one of the fastest-growing retailers in history.
Coupang is a pioneer that transforms the beginning and the end of shopping experience with its world-class technologies. It is taking the lead in eCommerce innovation, redefining every moment of customer experience from when they start searching for products they want until they receive their orders. It has been named to Fast Company’s “World’s 100 Most Innovative Companies,” MIT Technology Review’s “50 Smartest Companies,” Forbes’ “Global Game Changer 30,” etc.
Coupang has offices not only in Seoul, but also in Beijing, Los Angeles, Seattle, Shanghai, Silicon Valley, etc, and in October 2022, it entered the retail market of Taiwan, priming the pump for Korean SMEs to expand their business overseas. As of the end of 2023, the number of Korean enterprises that exported their products to Taiwan through Coupang amounted to approx. 12,000.
Timeline
▲ 2010 = Incorporated.
▲ 2014 = Launched the Rocket Delivery service and directly employed Coupang Friends (Coupang Man).
▲ 2016 = Named to Forbes’ “Top 30 Global Game Changers of 2016″ and MIT Technology Review’s “World’s 50 Smartest Companies.”
▲ 2017 = Launched the Rocket Jikgu service.
▲ 2019 = Launched Wow Membership, Rocket Fresh (a dawn delivery service for groceries), Dawn Delivery and Same-day Delivery, and Coupang Eats.
▲ 2020 = Ranked second in the Asia-Pacific region for World’s Most Innovative Companies by Fast Company, ranked second among CNBC’s 50 Innovative Companies, became one of the three largest employers in Korea (Samsung Electronics, Hyundai Motors, and Coupang), and launched Coupang Play.
▲ 2021 = Listed on the New York Stock Exchange (NYSE).
▲ 2022 = Launched services in Taiwan.
