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Online Shopping Sites Suffer Consecutive Losses in 2016

Online Shopping Sites Suffer Consecutive Losses in 2016

SEOUL, April 14 (Korea Bizwire) – South Korea’s online shopping site operators continued to report operating losses last year from a year earlier, as more market competition hurt their profitability, regulatory data showed Friday. Coupang Inc. suffered a combined operating loss of 560 billion won (US$490.8 million) in the January-December period of 2016 compared with [...]

E-Commerce Industry Shackled in Ballooning Losses as Competition Stiffens

E-Commerce Industry Shackled in Ballooning Losses as Competition Stiffens

SEOUL, Feb. 14 (Korea Bizwire) – Despite the ballooning volume of e-commerce, deficits for online shopping malls are also bloating with even a rough estimate pointing to over 1 trillion won (US$876.88 million) last year, industry officials said Tuesday.  Industry records showed the country’s three leading social commerce sites — Coupang, Ticket Monster and WeMakePrice [...]

Social Commerce Companies Throw in the Towel, Tone Down Free Delivery Competition

Social Commerce Companies Throw in the Towel, Tone Down Free Delivery Competition

SEOUL, Oct. 12 (Korea Bizwire) – Social commerce companies are putting an end to competing each other with free delivery services as operating losses continue to soar. Coupang doubled the minimum purchase required for free delivery (Rocket Delivery) from 9,800 ($8.73) to 19,800 starting Tuesday.  Rocket Delivery is the company’s ambitious service that offers delivery within [...]

Coupang’s Signature “Rocket” Delivery Services to Be Legalized

Coupang’s Signature “Rocket” Delivery Services to Be Legalized

SEOUL, Aug. 31 (Korea Bizwire) – With Koreans increasingly likely to prefer online shopping over the physical experience, parcel delivery services are among the rapidly prospering businesses in Korea. Tuesday’s decision to abolish the Supply-Demand Regulation Policy, which made it difficult for service companies to increase their use of smaller trucks (1.5 tons and less), [...]

FTC Launches Investigation into Social Commerce Company Trade Practices

FTC Launches Investigation into Social Commerce Company Trade Practices

SEOUL, June 22 (Korea Bizwire) – While the social commerce market has been growing rapidly in Korea, the Korean Fair Trade Commission (FTC) has begun investigating unfair trade practices at Korean social commerce businesses. According to an industry expert, Coupang and Ticketmonster are being accused of violating the Large Scale Distribution Law, which triggered the FTC’s [...]

Korea’s Online Shopping Malls Embrace Open Markets

Korea’s Online Shopping Malls Embrace Open Markets

SEOUL, May 12 (Korea Bizwire) – Coupang, a Korean e-commerce website, is expanding its platform to an open market, offering direct sales and purchases between consumers and suppliers. Coupang is a social commerce platform that previously focused on curated commerce in the form of special ‘deals’. It’s an attempt to make up for its weakness in product [...]

New Retail Platforms Tear Down Boundaries

New Retail Platforms Tear Down Boundaries

  SEOUL, April 18 (Korea Bizwire) – The lines between types of retailers are blurring, with open markets and social commerce businesses broadening their horizons to retail brokerage services. The industry is leaving no stone unturned in a push to attract consumers to mobile shopping markets. Large offline discount stores are building logistics centers for [...]

Coupang Logs 3-Fold Jump in 2015 Sales

Coupang Logs 3-Fold Jump in 2015 Sales

SEOUL, April 14 (Korea Bizwire) – Coupang, South Korea’s leading e-commerce operator, said Thursday its sales jumped more than three-fold in 2015 thanks to its delivery service, but its operating loss widened due to big investments in logistics capacity. Coupang posted 1.13 trillion won (US$ 976.66 million) in sales last year, becoming the first social commerce [...]

Online Bookstores Join Delivery War

Online Bookstores Join Delivery War

SEOUL, March 9 (Korea Bizwire) – Online book stores are pushing back their deadlines for same-day delivery, and jumping into the current delivery war that started when Coupang launched its ‘Rocket Delivery’ service. While the bookstores’ new service is expected to attract more customers, concerns over driver safety are increasing. Yes 24, the largest online bookstore [...]

Coupang’s Deficit Rose in 2015 on Big Logistics Investment

Coupang’s Deficit Rose in 2015 on Big Logistics Investment

SEOUL, March 3 (Korea Bizwire) – Coupang, a leading South Korean e-commerce operator, is expected to log mounting operating losses for 2015 as big investments in logistics capacity weighed on the financials of the startup company, industry sources said Thursday. Coupang is expected to log over 400 billion won (US$326.9 million) in operating losses when [...]