Order something on the Coupange platform and Coupang will deliver it to you as quickly as possible.If you don’t like your order, you can leave it on your doorstep and someone affiliated with Coupang will pick it up.
Even with this tiny bit of information, you will notice that this reminds you of another company. If you think that this does remind you of another company, it is because it has a similar model to Amazon.
Coupang is focused on the South Korean market. It has several key characteristics that define it and make it a compelling organization. Let us take a look at these characteristics and how they matter to consumers.
Coupang Has Had a Long Journey
The firm has been around since 2010 and has grown by leaps and bounds since 2010. The firm raised $18 million in 2011 and raised $100 million in 2014.
It then raised $300 million in the latter half of 2014. It would raise 1 billion dollars in a deal led by Softbank and it would go on to raise more funding in 2016, 2018, and 2021.
The firm had interest from leading players in the venture industry that ranged from Maverick Capital to Sequoia Capital to BlackRock and even Fabrice Grinda, a billionaire tech entrepreneur.
What made the company so compelling to investors?
Well, it was able to grow at a rapid clip but it is also catering to consumers in a country that has a solid GDP, that has laws and has democratic principles. At the same time, everyone saw the success of Amazon and may see that Coupang could be able to replicate this success. Amazon started by catering to US consumers and those in other parts of the world, Coupang started by catering to a country that has a total population of 50 million people.
A Higher Level of Convenience
Coupang is a company to take note of because it focuses on e-commerce and does it in a manner that pleases the customer.
The company will be one to watch because it may offer some insights into how Amazon could refine and improve its customer experience slowly over time.
But Coupang also is an interesting case study to learn and understand what is going on in other parts of the world. It shows how technology, business, and a focus on improving the customer experience is becoming more crucial across different parts of the world.
The company is driven by a simple line, continuing to make it where customers think “how did I ever live without Coupang.” If you think about that, you ask the question, how do I make shopping as easy as possible for customers? Then, if you apply that to other aspects of their lives, you can continue to grow and build out a valuable company.
It is a very powerful statement that makes the firm have to think about how it will structure its company, the investments it will have to make in infrastructure to simplify and bring about more magical experiences in delivery, pricing, and other aspects.
Does Coupang Have a Viable Business?
Coupang is in the process of building a viable business by creating a recognizable brand, offering fantastic experiences, and building the infrastructure to meet customer needs. Consumers can access a fantastic experience by opening up the Coupang app and having access to speed, selection and price.
If you want general goods or fresh groceries, you can get it through Coupang.
But Coupang is under pressure to innovate and present opportunities that can grow into larger businesses that continue to generate positive earnings. Can it do it over the next few years without diluting investors to a great degree?