Coupang is Korea’s largest e-commerce platform. Originally founded in 2010 as an online daily deals business where customers could find and even make discounts on goods and services, Coupang grew into a third-party marketplace that sits between producers and consumers.
Now, roughly half of the Korean population is a customer, and many people around the country receive everything from cooking ingredients to ready-to-eat meals, toiletries, books, and printer ink delivered to their homes through the platform’s Rocket Delivery service.
Coupang has identified more than 53,000 small businesses and keenly follows their progress, providing logistical support and offering help where needed. It turns out that 7 out of 10 of Coupang’s business partners fall under this classification, making up half of daily sales in terms of items sold. The top three categories of items sold by small businesses are food, clothing and furniture. At the current rate of new producers joining the platform it is expected that the number of small businesses will reach 100,000 in the near future.
According to publicly available statistics, these small businesses together are growing faster than the e-commerce platform itself, 81 percent compared to 61 percent growth, with approximately one in five small businesses experiencing more than double the growth of the website.