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In 2019, when Amazon was officially launched in Singapore, it was expected to substantially expand its ecommerce business in Southeast Asia. But those expectations died down after talks between the ecommerce major and Gojek fizzled out that same year.
With Amazon seemingly quiet in the region, the “Amazon of South Korea” is now holding the baton.
Coupang was founded in 2010 by Bom Kim, a Harvard Business School dropout. Back in March, South Korea’s biggest ecommerce star raised US$4.6 billion for its debut listing in the US. It’s a rare occasion that a non-chaebol – South Korea’s family-run conglomerates such as Samsung and Lotte – has risen to such prominence in the country.
Coupang is now reportedly making inroads into Southeast Asia. Last year, it even bought the digital assets of Singtel’s Hooq, which closed down in March 2020.
The ecommerce firm has been successful in South Korea due to its Rocket Delivery service – its fast delivery system for a wide range of products. Its founder has even proclaimed: “We want our customers to have it all.”
But it’s not easy to conquer Southeast Asia’s messy infrastructure and diverse landscape. Ask Alibaba, which has spent billions of dollars in the region and still hasn’t won it.
That does not mean Coupang can’t stir up the Shopee-Lazada dynamic though. In this week’s premium story, we explore whether Coupang can also wow Southeast Asian consumers the same way it has done for customers in South Korea.
— Huong
The Big Story
Can Coupang out-Amazon Amazon in Southeast Asia?
Image credit: Timmy Loen
SoftBank-backed Coupang is under pressure to expand to new markets after raising US$4.6 billion via its IPO. But can it crack Southeast Asia?
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