Coupang, Inc. (CPNG): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico del comercio electrónico, Coupang, Inc. (CPNG) ha revolucionado las compras en línea en Corea del Sur a través de su innovador modelo de negocio, combinando tecnología de vanguardia con logística hipereficiente. Reinventando el comercio minorista digital con su 24/7 Servicio de entrega de cohetes y experiencia de usuario perfecta, Coupang ha transformado las expectativas del consumidor, creando un ecosistema integral que va mucho más allá de las plataformas tradicionales de comercio electrónico. Esta profunda inmersión en el lienzo de modelo de negocio de Coupang revelará el genio estratégico detrás de su notable crecimiento e interrupción del mercado.

Coupang, Inc. (CPNG) - Modelo de negocio: asociaciones clave

Alianzas estratégicas con fabricantes y proveedores coreanos locales

Coupang ha establecido asociaciones estratégicas con más de 250,000 fabricantes y proveedores coreanos locales a partir de 2023. Estas asociaciones abarcan múltiples categorías de productos que incluyen:

Categoría de productos	Número de proveedores	Valor de transacción anual
Electrónica	42,500	$ 1.2 mil millones
Moda	65,000	$ 980 millones
Artículos para el hogar	38,000	$ 750 millones

Asociaciones con empresas de tecnología y logística globales

Coupang tiene asociaciones clave de tecnología y logística con:

• Amazon Web Services (AWS) para infraestructura en la nube
• Microsoft Azure para soluciones de tecnología empresarial
• Nvidia para IA y tecnologías de aprendizaje automático
• Qualcomm para tecnología móvil y logística

Colaboración con vendedores de terceros

A partir de 2023, el mercado de terceros de Coupang incluye:

Métricas del vendedor	Número total	Volumen de ventas anual
Vendedores de terceros totales	180,000	$ 3.5 mil millones
Empresas pequeñas y medianas	142,000	$ 1.8 mil millones

Relaciones con socios de entrega y proveedores de logística de última milla

La red logística de Coupang incluye:

• 150 Centros de cumplimiento en Corea del Sur
• 12,000 Personal de entrega dedicado
• 3.500 vehículos de entrega patentados
• Asociaciones con 5 principales compañías de logística regional

Métricas de rendimiento de entrega	2023 datos
Tiempo de entrega promedio	10.2 horas
Volumen diario de paquete	2.4 millones de paquetes
Cobertura de entrega anual	99.6% de las direcciones de Corea del Sur

Coupang, Inc. (CPNG) - Modelo de negocio: actividades clave

Operaciones y gestión de la plataforma de comercio electrónico

Coupang opera una plataforma integral de comercio electrónico con 19.7 millones de clientes activos a partir del tercer trimestre de 2023. La plataforma procesó 235.4 millones de pedidos en 2022, con un valor bruto de mercancía de $ 19.4 mil millones.

Métrico	Valor
Clientes activos	19.7 millones
Total de pedidos (2022)	235,4 millones
Valor de mercancía bruta	$ 19.4 mil millones

Servicio de entrega de cohetes Servicio de entrega ultra rápido

El servicio de entrega de cohetes de Coupang cubre el 70% de la población de Corea del Sur, con un tiempo de entrega promedio de 1.4 horas. La compañía opera 25 centros de cumplimiento en Corea del Sur.

• Tiempo de entrega promedio: 1.4 horas
• Cobertura de población: 70%
• Centros de cumplimiento: 25

Desarrollo de tecnología e innovación

Coupang invirtió $ 704 millones en investigación y desarrollo en 2022, lo que representa el 8.1% de sus ingresos totales. La compañía posee más de 1,200 patentes y solicitudes de patentes.

I + D Métrica	Valor
Inversión en I + D (2022)	$ 704 millones
I + D como % de ingresos	8.1%
Patentes/Aplicaciones	1,200+

Gestión de inventario y almacenamiento

Coupang administra un sofisticado sistema de inventario en sus 25 centros de cumplimiento, con una tasa de facturación de inventario automatizada de 12 veces al año.

• Centros de cumplimiento: 25
• Tasa de facturación de inventario: 12 veces anual
• Sistemas de almacenamiento automatizados implementados en todos los centros

Optimización de la experiencia del cliente

Coupang mantiene una tasa de satisfacción del cliente del 88.5%, con atención al cliente 24/7 y una política integral de devoluciones. La plataforma procesa el 98.6% de los rendimientos dentro de los 7 días.

Métrica de experiencia del cliente	Valor
Tasa de satisfacción del cliente	88.5%
Devoluciones procesadas dentro de los 7 días	98.6%

Coupang, Inc. (CPNG) - Modelo de negocio: recursos clave

Infraestructura de logística avanzada

Coupang opera 24 centros de cumplimiento en Corea del Sur, por un total de 3,5 millones de metros cuadrados de espacio logístico. A partir de 2023, la infraestructura de la compañía permite la entrega al día siguiente y el mismo día al 70% de la población surcoreana.

Métricas de infraestructura logística	Cantidad
Centros de cumplimiento total	24
Espacio logístico total	3.5 millones de metros cuadrados
Cobertura de la población	70%

Sistemas de tecnología y software patentados

Coupang invierte significativamente en el desarrollo de la tecnología, con gastos de I + D que alcanzan los $ 413 millones en 2022.

• Tecnología de entrega de cohetes
• Sistemas de gestión de inventario con IA
• Algoritmos de aprendizaje automático para pronósticos de demanda

Red de entrega extensa

La empresa mantiene Más de 10,000 vehículos de entrega y emplea aproximadamente 19,000 trabajadores de logística a tiempo completo a través de Corea del Sur.

Fuerza laboral hábil

Categoría de fuerza laboral	Número de empleados
Total de empleados (2022)	15,000
Empleados tecnológicos	3,500
Empleados de logística	19,000

Reconocimiento de marca

Cupang hold 45% de participación de mercado En el mercado de comercio electrónico de Corea del Sur a partir de 2023, con el reconocimiento de marca que alcanza el 92% entre los consumidores coreanos.

• Líder del mercado en comercio electrónico en Corea del Sur
• Reconocido por servicios de entrega innovadores
• Reputación de plataforma digital fuerte

Coupang, Inc. (CPNG) - Modelo de negocio: propuestas de valor

24/7 Servicios de entrega del día siguiente y el mismo día

Coupang entrega el 99.6% de los pedidos dentro de 1 día en Corea del Sur. El tiempo promedio de entrega es de 10.4 horas. En 2023, la compañía operaba 30 centros de logística que cubren 4.800 kilómetros cuadrados.

Métrica de entrega	Actuación
Cobertura de entrega del día siguiente	99.6%
Tiempo de entrega promedio	10.4 horas
Centros de logística	30
Área de red de logística	4.800 km2

Precios competitivos y amplia selección de productos

Coupang ofrece más de 750,000 productos únicos con estrategias competitivas de precios. El descuento promedio de productos rangos entre 15-25% en comparación con los canales minoristas tradicionales.

• Catálogo total de productos: 750,000 artículos
• Descuento promedio del producto: 15-25%
• Categorías de productos: más de 30 categorías distintas

Experiencia de compra digital sin problemas

Las descargas de aplicaciones móviles alcanzaron los 22.5 millones en 2023. El tráfico del sitio web promedió 45 millones de visitantes únicos mensuales. La tasa de participación del usuario es del 68% con una duración de sesión promedio de 12.6 minutos.

Métrica de compromiso digital	2023 rendimiento
Descargas de aplicaciones móviles	22.5 millones
Visitantes únicos mensuales	45 millones
Tasa de participación del usuario	68%
Duración de la sesión promedio	12.6 minutos

Servicio al cliente de alta calidad

La calificación de satisfacción del cliente es del 91%. El tiempo de respuesta promedio para las consultas de los clientes es de 2.3 horas. El procesamiento de devolución y reembolso completado dentro de las 48 horas para el 97% de los casos.

• Tasa de satisfacción del cliente: 91%
• Tiempo de respuesta de la consulta del cliente: 2.3 horas
• Velocidad de procesamiento de devolución/reembolso: 97% dentro de las 48 horas

Plataforma integrada de comercio electrónico y logística

Coupang invirtió $ 1.2 mil millones en infraestructura logística en 2023. La red de entrega patentada cubre el 99% de las áreas metropolitanas de Corea del Sur. 15,000 personas de entrega a tiempo completo empleado.

Métrica de inversión logística	2023 datos
Inversión en infraestructura	$ 1.2 mil millones
Cobertura metropolitana	99%
Persona de entrega	15,000

Coupang, Inc. (CPNG) - Modelo de negocios: relaciones con los clientes

Experiencia de compra personalizada basada en aplicaciones móviles

La aplicación móvil de Coupang tiene 18.7 millones de usuarios activos mensuales a partir del tercer trimestre de 2023. La aplicación genera el 70% de las ventas totales de comercio electrónico para la empresa. Los algoritmos de personalización rastrean el 92.3% del historial de navegación y compra de usuarios para generar recomendaciones personalizadas.

Métrico	Valor
Usuarios mensuales de aplicaciones activas	18.7 millones
Ventas generadas por aplicaciones	70%
Seguimiento de comportamiento del usuario	92.3%

Atención al cliente a través de múltiples canales digitales

Coupang proporciona atención al cliente a través de:

• Soporte de chat en vivo 24/7
• Tiempo de respuesta de soporte por correo electrónico: 4-6 horas
• Centro de soporte en la aplicación
• Canales de servicio al cliente de las redes sociales

Programa de lealtad y beneficios de membresía

El programa de membresía de cohetes incluye:

• Envío gratis en el 99.3% de los productos
• Costo de membresía anual: $ 29.99
• 15% de descuentos adicionales en artículos seleccionados
• 2.5 millones de miembros de cohetes activos

Seguimiento en tiempo real y comunicación transparente

La plataforma logística de Coupang proporciona:

Función de seguimiento	Métrico de rendimiento
Seguimiento de pedidos en tiempo real	99.7% de precisión
Tiempo de entrega promedio	1.2 días
Tasa de éxito de entrega	97.5%

Políticas de devolución e intercambio fáciles de usar

Destacados de la política de devolución:

• Ventana de devolución gratuita de 30 días
• Proceso de retorno sin preguntas
• 95% de los rendimientos procesados ​​dentro de los 3 días hábiles
• Envío de devolución gratis para la mayoría de los artículos

Coupang, Inc. (CPNG) - Modelo de negocio: canales

Aplicación móvil

La aplicación móvil de Coupang tiene 18.7 millones de usuarios activos mensuales a partir del cuarto trimestre de 2023. La aplicación admite el 99.9% de los dispositivos Android e iOS en Corea del Sur. Las estadísticas de descarga de la aplicación muestran 45.3 millones de descargas totales desde el lanzamiento.

Plataforma	Usuarios activos mensuales	Descargas totales
Androide	12.4 millones	28.6 millones
iOS	6.3 millones	16.7 millones

Plataforma web

La plataforma web de Coupang genera el 32.5% de las transacciones totales de comercio electrónico. El tráfico del sitio web alcanza 76.3 millones de visitantes mensuales en Corea del Sur.

• Sitio web Visitantes únicos: 76.3 millones por mes
• Duración promedio de la sesión: 12.4 minutos
• Vistas de página por sesión: 6.7

Marketing en redes sociales

Coupang mantiene 3,6 millones de seguidores de redes sociales en todas las plataformas. La tasa de participación digital es de 4.2% en Facebook, Instagram y YouTube.

Plataforma	Seguidores	Tasa de compromiso
Instagram	1.9 millones	4.5%
Facebook	1.1 millones	3.9%
YouTube	600,000	4.3%

Publicidad digital

Coupang gasta $ 187.4 millones anuales en publicidad digital. El gasto publicitario en línea representa el 6.3% de los ingresos totales de la compañía.

Centros de servicio al cliente físico

Coupang opera 24 centros de servicio al cliente en Corea del Sur. El personal total de servicio al cliente números de 2,340 empleados.

Ubicación	Número de centros	Recuento de personal
Área metropolitana de Seúl	14	1,540
Centros regionales	10	800

Coupang, Inc. (CPNG) - Modelo de negocio: segmentos de clientes

Consumidores coreanos urbanos

A partir de 2023, Coupang atiende principalmente a 26.7 millones de consumidores urbanos en Corea del Sur, con una concentración en áreas metropolitanas como Seúl, Busan e Incheon.

Segmento demográfico	Cobertura de la población	Gasto anual promedio
Consumidores coreanos urbanos	26.7 millones	₩ 3,450,000 por hogar

Jóvenes compradores expertos en digital

Grupo de edad objetivo: 18-35 años, que representa a aproximadamente 12.5 millones de clientes potenciales.

• Tasa de penetración de teléfonos inteligentes: 95.7%
• Frecuencia de compra en línea: 4.2 veces al mes
• Gasto digital promedio: ₩ 480,000 anualmente

Hogares de clase media

Segmento mediano de ingresos del hogar: ₩ 5,500,000 a ₩ 9,000,000 anuales.

Soporte de ingresos	Porcentaje del mercado objetivo	Participación del comercio electrónico
Hogares de clase media	42.3%	78.6% de compromiso de compras en línea

Clientes orientados a la tecnología

Tasa de adopción de tecnología entre la base de clientes de Coupang: 88.4%

• Propiedad de SmartPhonel: 95.7%
• Tasa de descarga de la aplicación móvil: 67.3%
• Uso promedio de la aplicación: 24.6 minutos al día

Propietarios de negocios pequeños y medianos

Mercado total direccionable: 4.2 millones de pequeñas y medianas empresas en Corea del Sur.

Segmento de negocios	Total de negocios	Participación de Coupang Marketplace
Vendedores de PYME	4.2 millones	376,000 vendedores activos

Coupang, Inc. (CPNG) - Modelo de negocio: Estructura de costos

Infraestructura de logística y entrega

Coupang reportó gastos logísticos totales de $ 1.98 mil millones en 2022. La compañía opera 30 centros de cumplimiento en Corea del Sur, con un total de 4.5 millones de pies cuadrados de infraestructura logística.

Categoría de gastos	Costo anual (2022)
Infraestructura de red de entrega	$ 892 millones
Costos de entrega de última milla	$ 612 millones
Equipo de transporte	$ 276 millones

Desarrollo y mantenimiento de la tecnología

Los gastos relacionados con la tecnología para Coupang alcanzaron los $ 486 millones en 2022, lo que representa el 6.2% de los ingresos totales.

• Gasto de investigación y desarrollo: $ 342 millones
• Costos de infraestructura en la nube: $ 104 millones
• Gastos del personal de tecnología: $ 140 millones

Gestión de almacenamiento e inventario

Coupang invirtió $ 423 millones en almacenamiento y gestión de inventario en 2022.

Gasto de almacenamiento	Costo
Costos operativos del almacén	$ 267 millones
Sistemas de gestión de inventario	$ 86 millones
Costos de retención de inventario	$ 70 millones

Marketing y adquisición de clientes

Los gastos de marketing para Coupang totalizaron $ 512 millones en 2022, lo que representa el 6.5% de los ingresos totales.

• Gasto de marketing digital: $ 276 millones
• Costos de adquisición de clientes: $ 184 millones
• Campañas promocionales: $ 52 millones

Salarios de empleados y gastos operativos

Los gastos totales relacionados con los empleados fueron de $ 789 millones en 2022.

Categoría de gastos de los empleados	Costo anual
Salarios base	$ 512 millones
Beneficios y compensación	$ 187 millones
Compensación basada en acciones	$ 90 millones

Coupang, Inc. (CPNG) - Modelo de negocio: flujos de ingresos

Ventas de productos de comercio electrónico

En el tercer trimestre de 2023, Coupang reportó ventas netas de $ 5.2 mil millones. Las ventas directas de productos constituyen la fuente principal de ingresos, con categorías clave que incluyen:

• Electrónica
• Moda y ropa
• Artículos para el hogar
• Artículos de comestibles

Comisión de vendedores externos

La plataforma Marketplace de Coupang genera ingresos por comisión a través de transacciones de vendedores de terceros. En 2022, las comisiones de vendedores de terceros representaron aproximadamente el 15.7% de los ingresos totales.

Año	Ingresos de la Comisión de Vendedores de terceros
2022	$ 824 millones
2023	$ 967 millones

Servicios basados ​​en suscripción

La membresía de Coupang Rocket generó aproximadamente $ 438 millones en ingresos por suscripción en 2022, lo que representa un aumento del 22% de 2021.

Ingresos publicitarios

Los ingresos por publicidad para Coupang en 2022 alcanzaron los $ 312 millones, con publicidad digital en la plataforma que representa un segmento creciente.

Logística y tarifas de entrega

Los servicios de logística generaron $ 267 millones en ingresos en 2022, con la red de entrega patentada de Coupang que respalda esta transmisión.

Flujo de ingresos	2022 Ingresos	Porcentaje de ingresos totales
Ventas de productos de comercio electrónico	$ 4.1 mil millones	62.3%
Comisiones de vendedores de terceros	$ 824 millones	15.7%
Servicios de suscripción	$ 438 millones	8.4%
Ingresos publicitarios	$ 312 millones	6.0%
Logística y entrega	$ 267 millones	5.1%

Coupang, Inc. (CPNG) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Coupang, Inc. dominates the South Korean e-commerce landscape. It's not just about selling things online; it's about an infrastructure-backed promise of speed and convenience that few can match. This value proposition is built on massive, sustained capital investment in logistics.

Ultra-fast delivery is the bedrock. Coupang's logistics network enables same-day or dawn delivery to 99% of South Korea's households. This reach extends across the country, connecting customers in Seoul, the greater metropolitan area, and regional cities and rural towns. The company has committed to reinvesting, announcing plans to invest more than 3 trillion won over three years through 2027 to expand this Rocket Delivery coverage area nationwide.

The Rocket WOW membership bundles this speed with entertainment, creating a sticky ecosystem. As of Q3 2025, Coupang reported 24.7 million Product Commerce Active Customers. While the last explicit count for paid WOW members was around 14 million at the end of 2023, the engagement metrics show its power: WOW members order with a frequency nine times that of non-WOW customers. The bundle includes free delivery, free returns, free Coupang Eats delivery, and access to Coupang Play. For regular users, the estimated annual savings, excluding the membership fee, is about KRW 970,000 (US$706). Coupang Play, the streaming component, is a major draw, recording 7.95 million monthly active users in October 2025, ranking it second among domestic platforms. The monthly WOW membership fee is set at 7,890 won.

The product selection is vast and growing, a key driver for engagement. Coupang is focused on adding selection across all price points. This strategy is working; in Q1 2025, the number of customers purchasing in 9 or more categories grew over 25%. The expansion is aggressive, evidenced by a nearly 500% year-over-year (YoY) increase in product selection in Taiwan in Q1 2025 alone. The platform also incorporates luxury goods through its acquisition of Farfetch.

Finally, customer-centric policies build the necessary trust to keep users engaged, especially following a recent security event. Coupang provides services like free returns on Rocket Delivery items and 24/7 support. The scale of the customer base is significant; the company disclosed that personal data for 33.7 million customers was compromised in a late 2025 breach, suggesting nearly its entire user base was affected.

Here's a snapshot of the scale underpinning these value propositions as of late 2025:

Metric Category	Specific Data Point	Value / Amount
Delivery Reach (Korea)	Households covered by same-day/overnight delivery	99%
Logistics Investment	Planned investment through 2027 to expand coverage	Over 3 trillion won
Active Customer Base (Q3 2025)	Product Commerce Active Customers	24.7 million
WOW Membership Engagement	Order frequency vs. non-WOW customers	Nine times
WOW Membership Cost	Monthly fee	7,890 won
WOW Membership Value	Estimated annual savings for regular users	Around KRW 970,000 (US$706)
Coupang Play (Streaming)	Mobile App Monthly Active Users (August 2025)	6.85 million
Product Selection Growth (Taiwan Q1 2025)	Year-over-year increase in product selection	Nearly 500%
Customer Multi-Category Purchasing (Q1 2025)	Growth in customers buying in 9+ categories	Over 25%
Financial Scale (Q3 2025)	Total Net Revenues	$9.3 billion

The sheer density of the logistics network and the bundling effect of Rocket WOW are the key differentiators. Finance: review the cash flow impact of the $1 billion stock repurchase program authorized in Q1 2025.

Coupang, Inc. (CPNG) - Canvas Business Model: Customer Relationships

You're looking at how Coupang, Inc. keeps its massive customer base engaged, and honestly, it's all about speed and making things feel effortless through technology. The relationship is built on a foundation of relentless operational excellence, which they back up with serious tech investment.

Automated, personalized shopping experience via AI

Coupang, Inc. uses artificial intelligence to make the shopping journey feel uniquely tailored for each user. Their machine learning and AI systems are processing an immense amount of information, making trillions of predictions daily. This powers everything from the search results you see to the fulfillment process behind the scenes.

This commitment to tech is visible in their intellectual property portfolio. As of early 2025, Coupang, Inc. had registered more than 2,100 patents globally. A significant portion of these patents relate to AI technologies used for demand forecasting and optimizing search accuracy, directly impacting the personalized experience.

The company's focus on deep technology integration earned it recognition as one of the World's Most Innovative Companies for 2025 by Fast Company, ranking No. 2 in the Retail category.

Deep loyalty and retention through the Rocket WOW membership

The Rocket WOW membership is the core mechanism for locking customers into the Coupang, Inc. ecosystem. It bundles several high-value services, which makes the monthly fee feel like a bargain, even after recent price adjustments. The current monthly fee for new members is KRW 7,890.

The value proposition is clear when you look at engagement metrics. WOW members show an order frequency that is nine times that of non-WOW customers. This high engagement is what drives retention. The relationship here is defintely sticky.

Here's a look at what that membership includes, which is key to its perceived value:

• Unconditional free shipping for Rocket Delivery tagged products.
• Free returns within 30 days.
• Unlimited free delivery for Rocket Fresh products.
• Free delivery service for Coupang Eats orders.
• Access to the Coupang Play streaming service.

The stickiness of the program is further evidenced by spending habits; the most mature WOW members spend on average over 2.5 times that of their newest WOW members.

Metric	Value/Rate	Context/Source Year
Monthly WOW Membership Fee (New)	KRW 7,890	2024/2025 Pricing Structure
WOW Member Order Frequency vs. Non-Member	9 times higher	Latest Reported Engagement Metric
Average Spend Lift (Mature WOW vs. New WOW)	Over 2.5 times	Latest Reported Engagement Metric

High-touch service for last-mile delivery (Coupangman)

The physical delivery network is the tangible manifestation of the customer relationship. Coupang, Inc. has scaled its logistics to a point where speed is a near-guarantee. As of August 2025, the company operated 228 logistics warehouses across the country. This infrastructure supports the promise of next-day delivery, even for fresh groceries.

The reliability of this service is exceptional. Coupang, Inc. reports that 99.3% of its Rocket Delivery orders are delivered within one day. This level of service consistency is what builds trust in the last mile, managed by their delivery personnel.

Digital self-service via mobile app and website

The digital interface is the primary touchpoint for most interactions, from browsing to tracking. Coupang, Inc. is a U.S. technology and Fortune 200 company as of 2025, underscoring its digital scale. The company's overall active customer base was reported at 24.7 million as at the third quarter of 2025.

Engagement across their digital ecosystem is high, as seen by the success of ancillary services integrated into the customer experience. For instance, Coupang Play, the streaming service bundled with WOW membership, recorded 7.95 million monthly active users in October 2025. This shows a deep integration of digital services into the customer's daily routine, which reinforces the value of the primary commerce platform.

Coupang, Inc. (CPNG) - Canvas Business Model: Channels

You're looking at how Coupang, Inc. gets its products and services into the hands of its customers-it's all about speed and ecosystem integration, which is where the real value is built.

Coupang mobile application and website (primary sales channel)

The core of Coupang, Inc.'s business flows through its main e-commerce platform, accessed via the mobile app and website. This channel is where the Product Commerce segment generates the bulk of its revenue. For the third quarter of 2025, net revenues from this segment hit $8.0 billion, marking a 16% year-over-year increase on a reported basis, or 18% in constant currency. The stickiness of this channel is evident in the customer base growth; by Q3 2025, Product Commerce Active Customers reached 24.7 million, up 10% YoY. To keep these customers engaged, Coupang, Inc. is focusing on selection depth; for instance, the number of customers purchasing in 9 or more categories grew over 25% in Q1 2025. The membership program, which underpins this channel, had 14 million WOW subscriptions as of early 2024, showing a 27% YoY increase then, which is a key driver for channel usage.

Here's a quick look at the core channel's recent financial scale:

Metric	Period Ending Q3 2025	Comparison
Product Commerce Net Revenues	$8.0 billion	+16% YoY (Reported)
Product Commerce Active Customers	24.7 million	+10% YoY
Total Consolidated Net Revenues	$9.3 billion	+18% YoY

The platform is definitely the engine room of the whole operation.

Coupang Eats app for restaurant and grocery delivery

Coupang Eats operates through its dedicated app, feeding into the broader Developing Offerings segment. This service is leveraging the established logistics backbone to compete in the food delivery space. In 2024, Coupang Eats had already captured 35.3% market share by credit card transaction value in South Korea's online food delivery market, which itself was valued around ₩29 trillion (or $22.23 billion) that year. The segment that houses Coupang Eats, along with Taiwan and Coupang Play, posted net revenues of $1.3 billion in Q3 2025, a 32% year-over-year increase. However, this growth comes with investment; the segment's adjusted EBITDA loss for Q3 2025 was $292 million. Management is guiding the full-year Developing Offerings adjusted EBITDA loss toward the high end of $900 million to $950 million for fiscal year 2025, reflecting continued aggressive investment in Eats and Taiwan.

Coupang Play app for video streaming content

Coupang Play is an app-based channel designed to increase customer retention within the ecosystem, as it's available exclusively to subscribers of the premium Wow membership program. By August 2025, Coupang Play's Monthly Active Users (MAU) reached 7.73 million, placing it second in the South Korean OTT market behind Netflix's 14.57 million users. As of May 2025, research showed Coupang Play held a 13% subscriber share, making it the third-largest streaming platform in the country. The service drives channel engagement by offering exclusive content, including live sports like the Premier League and the 2025 NFL season broadcasts.

Direct-to-consumer logistics network (last-mile delivery)

This physical network is Coupang, Inc.'s primary competitive moat. The company is committed to expanding this infrastructure significantly; it pledged to invest over 3 trillion won (or $2.23 billion) by the end of 2026 to grow its logistics footprint. The goal is to extend its signature Rocket Delivery service coverage from the current 70% of the country (covering 182 out of 260 cities/counties as of early 2024) to over 88% nationwide by 2027, serving more than 50 million people. This investment includes building eight new local fulfillment centers. The efficiency of this network is key to the core channel's appeal; same-day and dawn delivery volumes soared over 40% YoY in Q2 2025, driven partly by adding over half a million new Rocket SKUs in that quarter. You can see the scale of the physical assets:

• Fulfillment Centers: Over 100 facilities across 30 regions as of the past decade.
• 2026 Expansion Target: Building 8 new fulfillment centers.
• 2027 Coverage Goal: Service feasibility in approximately 230 locations.

If onboarding takes 14+ days, churn risk rises, but Coupang, Inc. is focused on making that delivery window tighter, not longer.

Coupang, Inc. (CPNG) - Canvas Business Model: Customer Segments

You're looking at the customer base of Coupang, Inc. as of late 2025. It's not just one group; it's a tiered structure built around the core South Korean market and expanding internationally. Here's the breakdown of who Coupang serves, grounded in the latest figures from their Q3 2025 results.

Mass market consumers in South Korea (core e-commerce)

The foundation of Coupang, Inc.'s business remains the massive South Korean consumer base utilizing the Product Commerce segment. This group drives the majority of the revenue and benefits from the core Rocket Delivery service.

As of September 30, 2025, the Product Commerce Active Customers count stood at 24.7 million. This segment generated net revenues of $8.0 billion in the third quarter of 2025 alone. To give you a sense of their spending power, the net revenues per Product Commerce Active Customer for that quarter were $323, or $329 on a constant currency basis. This performance significantly outpaced the overall Korean e-commerce market growth, which saw only a 1.7% year-over-year increase in Q2 2025, while Coupang's segment grew 16% reported.

The stickiness of this segment is evident because, in Q2 2025, the majority of revenue growth came from existing customers, with even the most mature cohorts showing robust double-digit spending increases. The core membership driving this loyalty, the Wow membership, is priced at 7,890 won ($5.40) monthly in Korea.

Here's a quick look at the core customer metrics as of Q3 2025:

Metric	Value (Q3 2025)	Source Segment
Product Commerce Active Customers	24.7 million	Core E-commerce (Korea)
Product Commerce Segment Net Revenues	$8.0 billion	Core E-commerce (Korea)
Net Revenue per Active Customer (CC)	$329	Core E-commerce (Korea)
Monthly WOW Membership Price (KRW)	7,890 won	WOW Subscribers

Rocket WOW subscribers seeking ecosystem benefits

The Rocket WOW subscription is designed to pull customers deeper into the Coupang, Inc. ecosystem, which is a key strategy to boost lifetime value and retention. It's defintely more than just free shipping.

WOW members secure added value through bundled benefits across Coupang, Inc.'s services. This includes free food delivery via Coupang Eats and access to Coupang Play content. This cross-service engagement is critical; management has noted that WOW members engaging with multiple services show much higher retention and spend. The company aggressively leveraged this, for instance, by offering free food delivery to WOW members, which immediately boosted Coupang Eats orders from that cohort.

• WOW members receive free delivery on Rocket Delivery items.
• Perks extend to Coupang Eats and Coupang Play access.
• Higher engagement across services leads to better customer retention.

Small and medium-sized enterprises (SMEs) as third-party sellers

Third-party sellers, largely composed of SMEs, are a vital part of the marketplace, feeding selection into the platform. Small and medium-sized sellers reportedly make up roughly three-quarters of all Coupang, Inc. vendors.

However, the financial relationship is costly for them. A 2025 survey indicated that SMEs using Coupang as their main shopping mall paid fees equal to an average of 20.6% of their sales generated on the platform. The intermediary transaction sales commission rate specifically was 14.21%, which was higher than the overall average of 13.82%. The most burdensome expense items cited by these sellers were sales commissions at 50.0% of their total burden, followed by logistics costs at 29.0%, and advertising costs at 19.8%. Furthermore, settlement times are a pain point; 34.0% of surveyed SMEs reported that the time from sale finalization to receiving settlement payments was 51 days or more.

New international customers in expansion markets like Taiwan

Taiwan represents the most exciting growth driver outside of the saturated Korean market. This market is served through the Developing Offerings segment, which posted net revenues of $1.3 billion in Q3 2025. Taiwan's momentum is accelerating, generating triple-digit year-over-year revenue growth in Q2 2025 and continuing that trend into Q3 2025.

Coupang, Inc. launched its WOW membership program in Taiwan in March 2025, targeting a population of 23 million and a retail sector valued at approximately $152.71 billion (4.58 trillion New Taiwan dollars). Since entering in 2022, the company has invested around 10.64 billion New Taiwan dollars into logistics infrastructure and product selection there. Management has expressed confidence, noting that customer adoption levels in Taiwan are similar to what they saw at the same stage in building their retail business in Korea.

Finance: draft 13-week cash view by Friday.

Coupang, Inc. (CPNG) - Canvas Business Model: Cost Structure

You're mapping out the major expenses Coupang, Inc. incurs to run its massive logistics and e-commerce operation as of late 2025. The cost structure is heavily weighted toward building and maintaining that physical and digital backbone that powers the Rocket Delivery promise.

High capital expenditure for logistics infrastructure and automation is a defining feature. Coupang, Inc. is committed to this physical moat, planning to invest over 3 trillion won through 2026 to expand its network and fend off competitors. This isn't just about adding square footage; it's about making those facilities smarter. For instance, a new AI-powered logistics center in Jecheon represents a specific outlay of 100 billion won (about $68.8 million) as of early 2025. The pace of this investment is clear in the quarterly figures; Capital Expenditures reached $299.0 million in Q2 2025, with the Trailing Twelve Months (TTM) ending June 2025 hitting $1.1 billion.

The investment in automation technology itself is substantial, with reports indicating $2.23 billion allocated over three years to automate fulfillment centers and expand coverage.

Cost Component	Metric/Period	Financial Amount
Automation Investment (3-Year)	Over three years	$2.23 billion
Logistics Center Investment (Specific)	Jecheon Facility (Approx.)	$68.8 million (100 billion won)
Capital Expenditures (Quarterly)	Q2 2025	$299.0 million
Capital Expenditures (TTM)	Ending June 2025	$1.1 billion

Next, you see significant technology and development spending, which underpins the AI-driven logistics and the expansion into new offerings. For the 2025 fiscal year alone, Coupang, Inc. invested 1.917 trillion won in general IT infrastructure. On the security front, which has recently come under scrutiny, the company invested 890 billion won in information security during 2025.

The aggressive push into new markets, categorized as Developing Offerings (which includes Taiwan and Eats), results in substantial, planned losses. For the third quarter ending September 30, 2025, the segment reported an adjusted EBITDA loss of $292 million. Management expects this heavy investment to continue, guiding for full-year Developing Offerings adjusted EBITDA losses to land near the high end of the $900 million to $950 million range for 2025.

The core operational costs related to the delivery network-the people who make Rocket Delivery happen-are massive, though specific 2025 figures aren't explicitly detailed in the latest reports. Historically, labor costs were a major driver; in 2019, labor costs reached 1.4 trillion won to support 30,000 jobs. The delivery personnel, often referred to as Coupangfriends, are central to the cost of the last mile. You should note that historical controversies involved allegations of 7.5 billion won in unpaid overtime wages owed to delivery drivers over a three-year period ending in 2017.

The overall cost base is reflected in the scale of the business, where Selling, General & Administrative (SG&A) expense for Q3 2025 represented 27.6% of total net revenues. The core Product Commerce segment, however, showed efficiency gains, with its segment adjusted EBITDA margin reaching 8.8% in Q3 2025.

• Segment adjusted EBITDA loss for Developing Offerings (Q3 2025): $292 million.
• Full-year Developing Offerings adjusted EBITDA loss expectation: Near the high end of $900 million to $950 million.
• 2025 IT Spending: 1.917 trillion won.
• 2025 Information Security Spending: 890 billion won.
• Product Commerce Segment Adjusted EBITDA Margin (Q3 2025): 8.8%.

Finance: draft 13-week cash view by Friday.

Coupang, Inc. (CPNG) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers for Coupang, Inc.'s revenue generation as of late 2025, specifically the third quarter results. Honestly, the structure is clear: it's dominated by the core e-commerce engine, with newer ventures growing fast but still operating at a loss.

The primary revenue driver is Product Commerce sales, which includes everything from first-party retail to the marketplace. For the third quarter of 2025, this segment brought in net revenues of $8.0 billion. This segment serves 24.7 million Active Customers, with net revenues per customer hitting $323 for the quarter.

Within that core Product Commerce stream, you see several distinct monetization methods:

• Product Commerce sales (core e-commerce) generating $8.0 billion in Q3 2025 net revenues.
• Rocket WOW subscription fees, which represent the monthly recurring revenue component that locks in customer spend.
• Commissions and fees from third-party marketplace sellers, which contribute to the overall Product Commerce revenue base.

The second major bucket is the Developing Offerings segment, which is where Coupang, Inc. is placing significant capital for future growth. This segment, covering operations like Eats, Play, Fintech, and Farfetch, generated net revenues of $1.3 billion in Q3 2025. While revenue growth was strong at 32% year-over-year on a reported basis, the segment posted an adjusted EBITDA loss of $292 million for the quarter, reflecting accelerated investments.

Here's a quick look at how the two main segments stack up for the third quarter of 2025:

Revenue Stream Segment	Q3 2025 Net Revenues (Reported)	Q3 YoY Growth (Reported)
Product Commerce sales (core e-commerce)	$8.0 billion	16%
Developing Offerings (Eats, Play, Fintech, Farfetch)	$1.3 billion	32%

Finally, you have the revenue line item that captures the monetization of platform traffic and engagement, which is Advertising services revenue on the platform. While not explicitly broken out as a standalone dollar figure in the top-line segment reporting, this is a critical component, likely included within the net other revenue which grew 27% year-over-year to $2.19 billion in Q3 2025. The company is definitely pushing to grow this as its customer base deepens its engagement with the ecosystem.

Finance: draft 13-week cash view by Friday.