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The Synopsis
Article. Coupang Business History
Aug 9, 2024
Discover the fascinating journey of Coupang, from its humble beginnings to becoming a powerhouse in South Korea's retail market. The founder faced numerous challenges, but strategic changes allowed for a remarkable transformation. Dive into the company’s commitment to a customer-centric model, enhancing logistics that revolutionized online shopping in the region. This exploration highlights how innovation and resilience shaped Coupang's success story.
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Quick takeaways
- Baum Kim's entrepreneurial journey, from launching Current Magazine to founding Coupang, showcases his adaptability and innovative spirit in e-commerce.
- Coupang's strategic shift from discounts to prioritizing customer experience through improved logistics and Rocket Delivery significantly enhanced customer satisfaction and loyalty.
Deep dives
Baum Kim’s Entrepreneurial Journey
Baum Kim's entrepreneurial journey began in South Korea, where he was born and raised until moving to the U.S. at the age of seven. After graduating from Harvard College, he launched Current Magazine, which he sold to Newsweek, demonstrating his early business acumen. Following various entrepreneurial efforts, including a magazine that folded during the financial crisis, he found inspiration in the booming daily deal market epitomized by Groupon. This led to the creation of Coupang, where he successfully raised $2 million in funding and was determined to establish a competitive presence in Korea's emerging e-commerce landscape.
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