Coupang Surpasses Lotte Mart in Annual Sales
16 April, 2020
Annual sales at e-commerce company Coupang have surpassed W7 trillion for the first time, overtaking Lotte Mart, which ranks among Korea's top three hypermarket operators.
Coupang said Tuesday that sales this past year surged 64.2 percent to W7.15 trillion (US$1=W1,216). Operating loss narrowed 36.1 percent to W720.5 billion.
In 2018 Coupang's sales totaled W4.34 trillion and operating loss W1.23 trillion.
Lotte Mart's 2019 sales stood at W6.33 trillion. One industry insider said, "The domestic retail industry is shifting from offline to online channels."
Coupang attributed the growth to a steady increase in customers thanks to nationwide early-morning delivery services and adding kitchen appliances and fresh food to its inventory.
The number of men and women employed either directly or indirectly by Coupang rose from 25,000 in 2018 to 30,000 this past year.
The coronavirus epidemic has been an unexpected boon to e-commerce as customers avoid crowded malls and stay static in.
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