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South Korea’s E-Commerce Giants Intensify Same-Day Delivery Battle

South Korea’s E-Commerce Giants Intensify Same-Day Delivery Battle

SEOUL, March 3 (Korea Bizwire) — South Korea’s e-commerce market is entering a new phase of competition as major players escalate their efforts to enhance delivery services, aiming to challenge Coupang’s dominance in logistics. With next-day delivery now an industry standard, retailers are racing to expand same-day shipping to differentiate themselves and meet rising consumer [...]

Coupang Surpasses 41 Trillion Won in Revenue, Strengthens Dominance in E-Commerce

Coupang Surpasses 41 Trillion Won in Revenue, Strengthens Dominance in E-Commerce

SEOUL, Feb. 27 (Korea Bizwire) —  Despite a sluggish consumer economy, Coupang Inc. achieved a major milestone in 2024, surpassing 41 trillion won (approximately $29 billion) in annual revenue. The e-commerce giant, founded in 2010 with just 3 billion won ($2.1 million) in capital, has cemented its position as South Korea’s dominant online retailer. Coupang’s success [...]

Seoul to Rate Delivery Apps on Fair Business Practices in Industry First

Seoul to Rate Delivery Apps on Fair Business Practices in Industry First

SEOUL, Feb. 25 (Korea Bizwire) — The Seoul Metropolitan Government has announced plans to become the first local government in South Korea to develop and publish a “coexistence index” that will evaluate delivery platforms on their commitment to fair business practices and cooperation with small businesses. The initiative, aimed at curbing excessive commission fees and preventing [...]

Amid Economic Slowdown, Restaurants Increasingly Embrace Digital Ordering Systems

Amid Economic Slowdown, Restaurants Increasingly Embrace Digital Ordering Systems

SEOUL, Feb. 23(Korea Bizwire) — Amid growing economic uncertainty and rising labor costs, South Korean restaurant owners are rapidly adopting digital “table-order” systems, allowing diners to order meals directly from tablets installed at their tables, without staff assistance. The adoption of table-order services surged dramatically in recent months, driven by restaurant operators seeking to cut staffing [...]

Coupang Strikes Partnership Agreement with Small Businesses, Labor Groups

Coupang Strikes Partnership Agreement with Small Businesses, Labor Groups

SEOUL, Feb. 20 (Korea Bizwire) — E-commerce giant Coupang and its affiliates have reached a landmark agreement with small business owners and labor organizations, committing to improved working conditions and financial support measures. The agreement, signed on February 19, includes the abolition of a controversial policy that had been linked to overwork among delivery drivers. [...]

South Korea’s MVNO Market Sees First Decline in Over Three Years Amid Carrier Competition

South Korea’s MVNO Market Sees First Decline in Over Three Years Amid Carrier Competition

SEOUL, Feb. 19 (Korea Bizwire) — For the first time in 39 months, South Korea’s mobile virtual network operator (MVNO) market has recorded a decline in subscriber numbers, signaling increased competition from major telecom providers. According to wireless communication service statistics released by the Ministry of Science and ICT on February 18, the number of [...]

South Korea’s Coffee Boom Turns Into Survival Game Amid Market Saturation and Rising Costs

South Korea’s Coffee Boom Turns Into Survival Game Amid Market Saturation and Rising Costs

SEOUL, Feb. 18 (Korea Bizwire) —  Once a popular and low-barrier entry point for entrepreneurs, South Korea’s café industry is now facing an intense survival challenge due to market oversaturation, rising costs, and regulatory pressures. Despite the industry’s rapid expansion, data shows an alarming rate of closures. According to Statistics Korea, as of 2022, the number [...]

Restaurant Owners Raise Prices as Delivery App Fees Bite Into Profits

Restaurant Owners Raise Prices as Delivery App Fees Bite Into Profits

SEOUL, Feb. 18 (Korea Bizwire) — Nearly half of South Korean restaurant owners have raised their menu prices to offset mounting delivery app commission fees, which they cite as their biggest business burden, according to a new survey released on February 14. The Consumer Network for Public Interest surveyed 502 restaurant owners and found that delivery [...]

E-Commerce Platforms Expand Into Luxury Market Amid Slowing Growth

E-Commerce Platforms Expand Into Luxury Market Amid Slowing Growth

SEOUL, Feb. 1 (Korea Bizwire) —  South Korea’s e-commerce giants are increasingly venturing into the luxury goods market, seeking new revenue streams amid a slowdown in industry growth over the past few years. According to industry sources, online retailer Kurly launched a luxury shopping platform in December 2024, offering 990 products from over 30 high-end brands, [...]

Department Stores Tighten VIP Criteria Amid Rising Consumer Polarization

Department Stores Tighten VIP Criteria Amid Rising Consumer Polarization

SEOUL, Jan. 27 (Korea Bizwire) —  South Korea’s luxury department stores are increasingly reliant on high-spending VIP customers, with their contribution to total sales surpassing 50% at some retailers in 2024, reflecting a growing polarization in consumer behavior amid economic challenges. According to industry data released on January 26, VIP customers accounted for 51% of sales [...]