Long Runway Of Steady Growth In Korea For Coupang

GARP Businesses
873 Followers
(15min)

Summary

  • Coupang's fulfillment-led strategy ensures unmatched speed, reliability, and consistency, creating a powerful moat in Korea's e-commerce market.
  • The Wow membership flywheel, integrating Rocket Delivery, Coupang Eats, and Coupang Play, drives customer retention and spend, enhancing Coupang's ecosystem.
  • Growth opportunities lie in expanding rural coverage in Korea, expanding spend per customer, and international markets like Taiwan.
  • Continued success in Korea should see sustained double-digital growth, but I am skeptical of Taiwan and Farfetch, which it needed for this to be a home-run investment.

Delivery boxes of Coupang largest Korean online marketplace retailer in Seoul, South Korea

Mirko Kuzmanovic

Coupang: Fulfillment Is Strategy

Coupang (NYSE:CPNG) is the undisputed leader in Korea’s e-commerce market. Most other players — including 11th, Gmarket, SSG.COM (these three saw sales fall 28.9%, 16.4%, and 6.2% respectively YoY) — have

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