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Coupang: Korean E-Commerce Craze - [Business Breakdowns, EP.169]
Business Breakdowns
From Group Buying to Logistics: The Founder's Journey of Coupang
Bum Kim, inspired by the group buying model seen in the U.S., launched Coupang in South Korea, entering a crowded market with over 30 competitors. Utilizing innovative marketing strategies, including extensive Facebook advertising, he successfully attracted consumers with discount offers. However, despite high revenue and a looming IPO, Kim recognized the unsustainability of the Groupon-style business model, which focused on impulsive purchases rather than quality. Prioritizing long-term viability, he made the bold decision to withdraw from the IPO, stressing the need to enhance customer experience. This led to a strategic pivot towards a comprehensive logistics infrastructure, drawing inspiration from Amazon to establish a more sustainable operational model focused on inventory management, warehousing, and delivery, ensuring a better alignment with consumer demands.
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