With an annual revenue of $12 billion, this blue ocean platform may become a new outlet for wealth

According to Yonhap News Agency , the top five countries in the world's e-commerce market in 2020 are China , the United States, the United Kingdom , Japan and South Korea. Although South Korea ranks fifth, compared with other highly competitive overseas markets, the Korean e-commerce market shows greater potential. According to Bloomberg, the Korean e-commerce market will jump to the third place in the world in 2021. How big is the potential of the Korean e-commerce market? Is it worth it for sellers to make a layout to dig for gold?

Analysis of the Korean e-commerce market

In 2019 , South Korea's gross domestic product ( GDP ) was $ 1.6 trillion, and its per capita GDP was $ 31,847 . This shows that Korean consumers have strong spending power . The total spending on retail, groceries, food services, and tourism in South Korea in 2019 was $ 470 billion, of which total e-commerce spending was $ 128 billion, accounting for nearly 1/3 .

It is understood that the Internet penetration rate in South Korea is as high as 95% , especially the popularity of smart phones has rapidly expanded the ranks of "thumb shoppers". This year, the transaction value ( GMV ) of South Korean e-commerce may exceed 150 trillion won (about 900 billion yuan) for the first time, and the compound annual growth rate is expected to be 12 % in the next few years . Currently, South Korea is the country with the fastest growth rate and the highest e-commerce penetration rate in the world.

Most Koreans are keen on overseas shopping. The overseas shopping market has grown rapidly in the past two years. Korean overseas shopping is growing at a rate of over 15% . The United States, Europe and China are the most popular overseas shopping destinations for Koreans . Among them, Chinese products have grown rapidly and are currently the second largest source of products in the Korean overseas shopping market!

Such a market that loves Chinese products and has high spending power is full of opportunities for domestic sellers! Since there are currently few Chinese sellers and products entering South Korea, the Korean e-commerce market is still a huge blue ocean market for Chinese sellers.

Coupang - South Korea's largest e-commerce platform

Coupang is the largest e-commerce platform in South Korea, also known as the "Amazon of South Korea". In 2020 , Coupang 's net revenue reached 12 billion US dollars, an increase of 90.8% compared with 2019 !

The number of active users reached 14.8 million, up 25.9% year-on-year from 2019. Net revenue per active customer also increased from US$ 161 to approximately US$ 256 , up 59% year-on-year .

In the first quarter of this year, Coupang 's sales were 4.74 trillion won, up 74 % from the same period last year, the highest sales in the first quarter ever recorded, making it the fastest growing retailer in the world . In the first quarter, the number of active customers who had purchased items on Coupang reached more than 16.03 million, an increase of 21% , an increase of more than 1.2 million from 14.8 million at the end of last year , which shows that Coupang is currently developing very rapidly.

In March this year , Coupang was listed on the New York Stock Exchange. Its stock price soared by 40% on the same day. The company's market value once exceeded the 100 billion US dollar mark, closely following JD.com and Pinduoduo, becoming the largest IPO of an Asian company in the United States after Alibaba Group in 2014 .

Coupang is a very powerful platform and one of the most popular platforms in the Korean market, especially in terms of shopping experience. It can satisfy consumers in terms of delivery time, safety, and service! For sellers, Coupang has low commissions, less competitive pressure, and can fill the gaps in the off-season in the European and American markets. So overall, Coupang has huge advantages in the Korean market and is a platform that sellers can consider to expand their sales channels.

Opportunities for domestic sellers have arrived

It has to be said that Coupang is definitely a very good choice for domestic sellers! However, it takes a lot of time to get familiar with the new platform. Whether it is registering a store, operating and promoting, or platform rules, we need to re-explore and study, which is time-consuming and labor-intensive. In addition, I believe that most cross-border sellers have already made arrangements on platforms such as Amazon, and they may not have enough manpower or energy to manage multiple platforms.

In order to help cross-border sellers make money on Coupang and provide convenience to all sellers to the greatest extent, 4KMILES has now joined hands with Coupang to officially launch the supplier plan ( 4K x Coupang supply plan ) . You can sign up for free to join us as a Coupang supplier. There is no need to open a store or operate. You only need to provide the goods and we will help you sell them!

4K x Coupang supply plan introduction

Starting today, sellers can sign up for free to join the 4K x Coupang supply plan to become a planned supplier and have priority access to product selection by the official team. After the product has passed the official screening, you only need to send the goods to the warehouse in Shenzhen. Subsequently, the official professional team of Coupang will help you sell it and provide you with nanny-level service support.

Who can join the Vendor Program?

• You need to be a registered member of 4KMILES ; you can add 4KMILES staff to assist in completing the registration (contact information is at the end of the article);

• The product needs to have more than 100 reviews on the Amazon platform , with an average of 4.5 stars;

• Recommended categories: fitness products, home furnishings, 3C electronic products;
Categories not recommended : children’s products (such as toys, children’s clothing, etc.), food, and beauty and skin care products, etc.

Sellers who want to seize the opportunity to get rich should stop hesitating

Join us now and make money from Coupang !

Opportunities are fleeting, act now and seize the opportunity!

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