Coupang’s revenue up by more than 50 per cent
11. November 2021US-listed e-commerce giant Coupang Inc recently reported its highest-ever quarterly revenue. On 12 August, the company, which is also known as the “Amazon of South Korea”, reported that its revenue reached US$4.48 billion in the second quarter of this year. Compared to the same period last year, this represents an increase of 71 per cent. Coupang’s revenue has grown steadily by at least 50 per cent for 15 consecutive quarters since the third quarter of 2017. Analysts relate the strong growth to both rising active customer numbers and higher average spend per customer. The number of active customers reached 17 million last quarter, up 26 per cent from the first quarter of 2021, while the average spend per customer was $263 in the second quarter, up 36 per cent from the previous quarter. Among the most successfull product categories were electronics, appliances and clothing. Many products, especially in the electronics category, need mandatory KC certification in order to be allowed to be sold and used on the Korean market.
Coupang is a South Korean e-commerce company based in Seoul, as well as a subsidiary in Delaware, US. Founded in 2010, the company rose to become the largest online marketplace in South Korea through expansion. As part of the expansion of its business areas, the video streaming service Coupang Play was founded. Due to the company’s position in the market and size, Coupang is also often referred to as the “Amazon of South Korea”. To grow further in online retail, Coupang invested a total of US$120 million in fresh food delivery and food delivery service Coupang Eats during the second quarter. Through the integration and strong growth of these businesses, Coupang hopes to save on fixed costs and, as a result, offer customers attractive prices for the goods and services.
South Korea is considered one of the most important and innovative industrial nations in the world. To gain market access to this highly technological country, products imported into South Korea must be tested and certified. The KC mark or KC certificate is roughly equivalent to the European CE mark and applies to 730 different products. MPR International GmbH has solid experience in Korea certification and competent local partners. We will be pleased to advise you without obligation about the scope and procedure of a Korea certification.
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