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Coupang Inc. is overtaking Naver Corp. as the leading player in South Korea's competitive e-commerce scene, capturing 37.7% of the market share, followed by Naver Shopping at 27.2%, as revealed by a recent Open Survey. The stakes rise as Shinsegae's integrated service draws significant interest.
Coupang's market share has increased by 3.5 percentage points from last year, while Naver Shopping saw an increase of 3.7 percentage points.
In terms of weekly spending, Coupang solidified its top position at 49,500 won ($38.32), followed by Gmarket, 11Street, and Naver Shopping. And when it comes to the most purchased items, Coupang excels in daily necessities and food, while Naver Shopping is the go-to for fashion, sports, cars, furniture, and interiors.
Coupang, the South Korean equivalent of Amazon, is changing the game in online food sales. While other online and offline food sales are slowly growing, Coupang's food sales are up by an astounding 300 percent.
So what's the secret to its success? It's all in the collaboration between Coupang and food companies. The shopping giant deftly takes on different roles, allowing businesses to focus on their strengths. In this way, they've built an unbeatable team that's redefining the world of online food sales.
To add even more spice, a recent survey indicated that 3 out of 10 respondents intend to join the Shinsegae Universe Club, the integrated membership service newly unveiled by the Shinsegae Group. It seems that men and individuals in their 30s and 40s are particularly interested in signing up.
In its efforts to take on the e-commerce giant Coupang, Shinsegae has joined forces with several major retailers. This collaboration has allowed the Korean retailer to offer shoppers special promotions and discounts across various platforms. Not only that, but renowned brands such as Auction, LG H&H and CJ Cheiljedang Corp have all partnered with Shinsegae, making it even more enticing for shoppers to visit their sites.
Interestingly, LG H&H and CJ Cheiljedang Corp have taken the drastic step of withdrawing from Coupang following a dispute over pricing.
Photo: rupixen.com/Unsplash
