Coupang Archives - Page 2 of 2 - Inside Retail Asia
As Amazon Korea gears up, analysts tip it will take the same path as Wal-Mart: failure and withdrawal.
Korean online marketplace Coupang has reportedly sacked nearly a tenth of its delivery staff.
The lines between types of Korean retailers are blurring, with open markets and social commerce businesses broadening their horizons.
Korean online bookstores are engaged in a delivery war to gain market share.
Coupang, the South Korean eCommerce operator, is expected to reveal mounting operating losses for 2015.
At least 50 per cent of Korean baby formula sales are now online, prompting major retailers to use the product as a loss-leader to get shoppers in-store.
Shinsegae Group says it will invest 4.1 trillion won ($3.4 billion) this year and hire 14,400 new staff to expand its retail business and revitalise the “sagging domestic economy”.
South Korean eCommerce giant Coupang will invest US$1.3 billion by 2017 to hire 40,000 delivery people called ‘Coupang Men’, and increase its number of logistics centers from 14 to 21.
The total trade volume of online retailers for 2014 surpassed that of large retail stores and department stores for the first time, said Statistics Korea. Although the overall trade volume through Korean online retailers stood at 45.24 trillion won (US$ 41.62 billion), which is slightly lower than the 46.63 trillion won (US$ 42.90 billion) trade volume for offline retailers, sales through foreign online retailers in 2014 reached 1.66 trillion (US$ 1.54 billion), which resulted in combined ove…