A citizen looks at a shelf of processed foods on May 30, 2022, at a discount store in Seoul amid high-flying inflation. (Yonhap)
SEOUL, July 1 (Korea Bizwire) — Fierce competition in the online shopping industry, which enjoyed massive growth during the pandemic, is resulting in declining brand value for some of the major players, an appraisal website showed Thursday.
Brandstock, a South Korean market research firm that determines rankings of the top 100 local brands, said in its latest survey that Coupang Inc.’s brand value ranked 20th in the second quarter of this year.
Compared to the previous quarter, the e-commerce giant’s brand value dropped by seven spots.
Gmarket’s brand value fell to 31st, down eight spots from the previous quarter. Auction’s brand value also fell, dropping 10 spots to 40th.
11Street (67th to 68th) and SSG.com (73rd to 86th) also saw drops in brand value.
In contrast, the brand value of offline shopping companies, which struggled in the pandemic era, is on the rise.
E-Mart Inc., a discount store chain, saw its brand value rise from ninth to eighth place. Lotte Department Store (58th to 50th) and Hyundai Department Store (72nd to 70th place) both saw their brand values rise.
“Fiercer competition in the online shopping industry is resulting in an overall drop in brand value,” Brandstock said.
Ashley Song (ashley@koreabizwire.com)
