Coupang, South Korea’s e-commerce giant, announced a historic achievement in its third-quarter performance, with record-breaking sales of KRW 8 trillion. This marks the fifth consecutive quarter of profitability for the company. The surge in performance can be attributed to the rapid expansion of its core businesses, Rocket Delivery and Rocket Fresh, alongside successful overseas ventures, notably in Taiwan.
According to the report filed with the U.S. Securities and Exchange Commission, Coupang’s third-quarter sales amounted to approximately KRW 8.1028 trillion (USD 6.18355 billion). This reflects an impressive 18% increase from the same period last year, which saw sales of approximately KRW 6 trillion (USD 5.18355 billion).
The company’s operating profit also saw a notable uptick, rising by 11% compared to the previous year. This resulted in an operating surplus for the fifth consecutive quarter, reaching approximately KRW 114.6 billion (USD 87.48 million). Over the first three quarters of this year, Coupang accumulated an operating surplus of around KRW 444.8 billion (USD 341.9 million). This is a significant turnaround from the same period last year, which saw an operating loss of KRW 228.8 billion (USD 195.42 million).
During a conference call, Coupang Chairman Kim Beom-seok outlined the strategies behind this stellar performance. These include an accelerated ‘fly wheel’ approach to boost product lines and customer base, the success of the Wow membership program, which increased customer engagement through offerings like Coupang Eats discounts, and the effective implementation of Taiwan’s rocket delivery service.
Coupang’s active customer base exceeded 20 million for the first time, recording 20.42 million customers this quarter—a 14% increase from the previous year. Chairman Kim emphasized that this growth rate surpasses any quarter since the pandemic in 2021. The company gained an additional 2.3 million customers this year, with sales per active customer increasing by 7% compared to the same period last year, amounting to approximately 397,040 won (USD 303).
This surge in customer acquisition can be attributed to the expansion of offerings in Rocket Delivery, Rocket Fresh, and Marketplace. Notably, Rocket Fresh and Rocket Growth experienced two to threefold sales growth compared to the overall business. Chairman Kim emphasized that despite progress, the company still holds a single-digit market share in the overall market, and aims to expand its product portfolio to increase market penetration.
