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Coupang: Korean E-Commerce Craze - [Business Breakdowns, EP.169]
Business Breakdowns
Understand GMV for Clarity in Economics
Analyzing business performance requires focusing on Gross Merchandise Volume (GMV) rather than revenue due to the accounting discrepancies between first-party (1P) and third-party (3P) sales. In 1P sales, 100% of revenue is recorded versus only commissions for 3P, which can distort financial interpretation. The estimated GMV is approximately $38 billion, with a range of $35 to $42 billion. Evaluating profit margins should be based on GMV to mitigate the impact of these accounting differences. Additionally, third-party commissions consist of various components including a selling commission ranging from 5% to 11%, advertising costs from 5% to 15%, and logistics charges around 15%.
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