Coupang, Inc. (CPNG): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique du commerce électronique, Coupang, Inc. (CPNG) a révolutionné les achats en ligne en Corée du Sud grâce à son modèle commercial innovant, mélangeant la technologie de pointe avec une logistique hyper efficace. En réinventant la vente au détail numérique avec son 24/7 Service de livraison de fusées et expérience utilisateur sans couture, Coupang a transformé les attentes des consommateurs, créant un écosystème complet qui va bien au-delà des plateformes de commerce électronique traditionnelles. Cette plongée profonde dans la toile du modèle commercial de Coupang dévoilera le génie stratégique de leur croissance et de leur perturbation remarquables sur le marché.

Coupang, Inc. (CPNG) - Modèle d'entreprise: partenariats clés

Alliances stratégiques avec les fabricants et fournisseurs coréens locaux

Coupang a établi des partenariats stratégiques avec plus de 250 000 fabricants et fournisseurs coréens locaux à partir de 2023. Ces partenariats couvrent plusieurs catégories de produits, notamment:

Catégorie de produits	Nombre de fournisseurs	Valeur de transaction annuelle
Électronique	42,500	1,2 milliard de dollars
Mode	65,000	980 millions de dollars
Marchandises à domicile	38,000	750 millions de dollars

Partenariats avec les entreprises mondiales de technologie et de logistique

Coupang a des partenariats de technologie et de logistique clés avec:

• Amazon Web Services (AWS) pour l'infrastructure cloud
• Microsoft Azure pour les solutions technologiques d'entreprise
• Nvidia pour les technologies de l'IA et de l'apprentissage automatique
• Qualcomm pour la technologie mobile et logistique

Collaboration avec des vendeurs tiers

En 2023, le marché tiers de Coupang comprend:

Métriques du vendeur	Nombre total	Volume des ventes annuelles
Vendeurs tiers totaux	180,000	3,5 milliards de dollars
Petites et moyennes entreprises	142,000	1,8 milliard de dollars

Relations avec les partenaires de livraison et les fournisseurs de logistique de dernier mile

Le réseau logistique de Coupang comprend:

• 150 centres d'exécution à travers la Corée du Sud
• 12 000 membres du personnel de livraison dédié
• 3 500 véhicules de livraison propriétaires
• Partenariats avec 5 grandes sociétés de logistique régionale

Métriques de performance de livraison	2023 données
Délai de livraison moyen	10,2 heures
Volume quotidien	2,4 millions de packages
Couverture de livraison annuelle	99,6% des adresses sud-coréennes

Coupang, Inc. (CPNG) - Modèle d'entreprise: Activités clés

Opérations et gestion de la plate-forme de commerce électronique

Coupang exploite une plate-forme de commerce électronique complète avec 19,7 millions de clients actifs au troisième trimestre 2023. La plate-forme a traité 235,4 millions de commandes en 2022, avec une valeur de marchandise brute de 19,4 milliards de dollars.

Métrique	Valeur
Clients actifs	19,7 millions
Commandes totales (2022)	235,4 millions
Valeur de marchandise brute	19,4 milliards de dollars

Service de livraison ultra-rapide livraison de fusées

Le service de livraison de fusées de Coupang couvre 70% de la population de la Corée du Sud, avec un délai de livraison moyen de 1,4 heure. L'entreprise exploite 25 centres d'exécution à travers la Corée du Sud.

• Délai de livraison moyen: 1,4 heures
• Couverture de la population: 70%
• Centres de réalisation: 25

Développement et innovation technologiques

Coupang a investi 704 millions de dollars dans la recherche et le développement en 2022, ce qui représente 8,1% de ses revenus totaux. La société détient plus de 1 200 brevets et demandes de brevets.

Métrique de R&D	Valeur
Investissement en R&D (2022)	704 millions de dollars
R&D en% des revenus	8.1%
Brevets / applications	1,200+

Gestion des stocks et entreposage des stocks

Coupang gère un système d'inventaire sophistiqué dans ses 25 centres de réalisation, avec un taux de rotation des stocks automatisé de 12 fois par an.

• Centres de réalisation: 25
• Taux de rotation des stocks: 12x par an
• Systèmes d'entreposage automatisés déployés dans tous les centres

Optimisation de l'expérience client

Coupang maintient un taux de satisfaction client de 88,5%, avec un support client 24/7 et une politique de rendement complète. La plate-forme traite 98,6% des rendements dans les 7 jours.

Métrique de l'expérience client	Valeur
Taux de satisfaction client	88.5%
Renvoie traité dans les 7 jours	98.6%

Coupang, Inc. (CPNG) - Modèle d'entreprise: Ressources clés

Infrastructure logistique avancée

Coupang exploite 24 centres d'exécution à travers la Corée du Sud, totalisant 3,5 millions de mètres carrés d'espace logistique. En 2023, l'infrastructure de l'entreprise permet la livraison le lendemain et le jour même à 70% de la population sud-coréenne.

Métriques d'infrastructure logistique	Quantité
Centres de réalisation total	24
Espace logistique total	3,5 millions de mètres carrés
Couverture de la population	70%

Technologie et systèmes logiciels propriétaires

Coupang investit considérablement dans le développement de la technologie, les dépenses de R&D atteignant 413 millions de dollars en 2022.

• Technologie de livraison de fusées
• Systèmes de gestion des stocks alimentés par l'IA
• Algorithmes d'apprentissage automatique pour la prévision de la demande

Réseau de livraison étendu

La société maintient Plus de 10 000 véhicules de livraison et emploie approximativement 19 000 travailleurs de la logistique à temps plein à travers la Corée du Sud.

Main-d'œuvre qualifiée

Catégorie de main-d'œuvre	Nombre d'employés
Total des employés (2022)	15,000
Employés de la technologie	3,500
Employés de la logistique	19,000

Reconnaissance de la marque

Coupang tient Part de marché de 45% sur le marché sud-coréen du commerce électronique en 2023, la reconnaissance de la marque atteignant 92% parmi les consommateurs coréens.

• Leader du marché du commerce électronique en Corée du Sud
• Reconnu pour les services de livraison innovants
• Solide réputation de plate-forme numérique

Coupang, Inc. (CPNG) - Modèle d'entreprise: propositions de valeur

Services de livraison 24/7 le lendemain et le jour suivant

Coupang fournit 99,6% des commandes dans un délai d'un jour à travers la Corée du Sud. Le délai de livraison moyen est de 10,4 heures. En 2023, la société a exploité 30 centres logistiques couvrant 4 800 kilomètres carrés.

Métrique de livraison	Performance
Couverture de livraison le lendemain	99.6%
Délai de livraison moyen	10,4 heures
Centres logistiques	30
Zone de réseau logistique	4 800 km2

Prix ​​compétitifs et sélection de produits larges

Coupang propose plus de 750 000 produits uniques avec des stratégies de tarification compétitives. La remise moyenne des produits varie entre 15 et 25% par rapport aux canaux de vente au détail traditionnels.

• Catalogue total de produits: 750 000 articles
• Remise moyenne du produit: 15-25%
• Catégories de produits: 30+ catégories distinctes

Expérience d'achat numérique sans couture

Les téléchargements d'applications mobiles ont atteint 22,5 millions en 2023. Le trafic du site Web était en moyenne de 45 millions de visiteurs uniques mensuels. Le taux d'engagement des utilisateurs est de 68% avec une durée moyenne de session de 12,6 minutes.

Métrique de l'engagement numérique	Performance de 2023
Téléchargements d'applications mobiles	22,5 millions
Visiteurs uniques mensuels	45 millions
Taux d'engagement des utilisateurs	68%
Durée moyenne de la session	12,6 minutes

Service client de haute qualité

La cote de satisfaction du client est de 91%. Le temps de réponse moyen pour les demandes de renseignements des clients est de 2,3 heures. Le traitement de rendement et de remboursement terminé dans les 48 heures pour 97% des cas.

• Taux de satisfaction client: 91%
• Temps de réponse de la demande du client: 2,3 heures
• Vitesse de traitement de retour / remboursement: 97% dans les 48 heures

Plateforme de commerce électronique et de logistique intégré

Coupang a investi 1,2 milliard de dollars dans les infrastructures logistiques en 2023. Le réseau de livraison propriétaire couvre 99% des zones métropolitaines sud-coréennes. 15 000 employés à temps plein employés.

Métrique d'investissement logistique	2023 données
Investissement en infrastructure	1,2 milliard de dollars
Couverture métropolitaine	99%
Personnel de livraison	15,000

Coupang, Inc. (CPNG) - Modèle d'entreprise: relations avec les clients

Expérience d'achat personnalisée basée sur des applications mobiles

L'application mobile de Coupang compte 18,7 millions d'utilisateurs actifs mensuels au troisième trimestre 2023. L'application génère 70% des ventes totales de commerce électronique pour la société. Les algorithmes de personnalisation suivent 92,3% de l'historique de navigation et d'achat des utilisateurs pour générer des recommandations sur mesure.

Métrique	Valeur
Utilisateurs mensuels de l'application active	18,7 millions
Ventes générées par l'application	70%
Suivi du comportement de l'utilisateur	92.3%

Support client via plusieurs canaux numériques

Coupang fournit un support client via:

• Support de chat en direct 24/7
• Temps de réponse de la support par e-mail: 4-6 heures
• Centre de soutien intégré à l'application
• Canaux de service à la clientèle sur les réseaux sociaux

Programme de fidélité et avantages sociaux

Le programme d'adhésion à la fusée comprend:

• Livraison gratuite sur 99,3% des produits
• Coût annuel de l'adhésion: 29,99 $
• 15% de réductions supplémentaires sur certains articles
• 2,5 millions de membres de fusée actifs

Suivi en temps réel et communication transparente

La plate-forme logistique de Coupang fournit:

Fonction de suivi	Métrique de performance
Suivi des commandes en temps réel	Précision de 99,7%
Délai de livraison moyen	1,2 jours
Taux de réussite de la livraison	97.5%

Politiques de retour et d'échange conviviales

Sailor de la politique de retour:

• Fenêtre de retour gratuite de 30 jours
• Processus de retour sans quelles
• 95% des rendements traités dans les 3 jours ouvrables
• Expédition de retour gratuite pour la plupart des articles

Coupang, Inc. (CPNG) - Modèle d'entreprise: canaux

Application mobile

L'application mobile de Coupang compte 18,7 millions d'utilisateurs actifs mensuels au quatrième trimestre 2023. L'application prend en charge 99,9% des appareils Android et iOS en Corée du Sud. Les statistiques de téléchargement d'applications affichent 45,3 millions de téléchargements totaux depuis le lancement.

Plate-forme	Utilisateurs actifs mensuels	Téléchargements totaux
Androïde	12,4 millions	28,6 millions
ios	6,3 millions	16,7 millions

Plate-forme Web

La plate-forme Web de Coupang génère 32,5% des transactions totales de commerce électronique. Le trafic du site Web atteint 76,3 millions de visiteurs mensuels en Corée du Sud.

• Site Web Visiteurs uniques: 76,3 millions par mois
• Durée moyenne de la session: 12,4 minutes
• Pages vues par session: 6.7

Marketing des médias sociaux

Coupang maintient 3,6 millions de followers sur les réseaux sociaux sur toutes les plateformes. Le taux d'engagement numérique est de 4,2% sur Facebook, Instagram et YouTube.

Plate-forme	Abonnés	Taux d'engagement
Instagram	1,9 million	4.5%
Facebook	1,1 million	3.9%
Youtube	600,000	4.3%

Publicité numérique

Coupang dépense 187,4 millions de dollars par an sur la publicité numérique. Les dépenses publicitaires en ligne représentent 6,3% du total des revenus de l'entreprise.

Centres de service client physique

Coupang exploite 24 centres de service à la clientèle à travers la Corée du Sud. Le personnel du service à la clientèle total numérote 2 340 employés.

Emplacement	Nombre de centres	Compte
Région métropolitaine de Séoul	14	1,540
Centres régionaux	10	800

Coupang, Inc. (CPNG) - Modèle d'entreprise: segments de clientèle

Consommateurs coréens urbains

En 2023, Coupang dessert principalement 26,7 millions de consommateurs urbains en Corée du Sud, avec une concentration dans les zones métropolitaines comme Séoul, Busan et Incheon.

Segment démographique	Couverture de la population	Dépenses annuelles moyennes
Consommateurs coréens urbains	26,7 millions	₩ 3 450 000 par ménage

Jeunes acheteurs avertis du numérique

Group d'âge cible: 18-35 ans, représentant environ 12,5 millions de clients potentiels.

• Taux de pénétration des smartphones: 95,7%
• Fréquence d'achat en ligne: 4,2 fois par mois
• Dépenses numériques moyennes: 480 000 par an

Ménages de classe moyenne

Segment médian du revenu des ménages: 5 500 000 à 9 000 000 ₩ par an.

Tranche de revenu	Pourcentage du marché cible	Participation du commerce électronique
Ménages de classe moyenne	42.3%	78,6% d'engagement d'achat en ligne

Clients axés sur la technologie

Taux d'adoption de la technologie parmi la clientèle de Coupang: 88,4%

• Propriété des smartphonels: 95,7%
• Taux de téléchargement des applications mobiles: 67,3%
• Utilisation moyenne de l'application: 24,6 minutes par jour

Propriétaires de petites et moyennes entreprises

Marché total adressable: 4,2 millions de petites et moyennes entreprises en Corée du Sud.

Segment d'entreprise	Total des entreprises	Coupang Marketplace Participation
Vendeurs de PME	4,2 millions	376 000 vendeurs actifs

Coupang, Inc. (CPNG) - Modèle d'entreprise: Structure des coûts

Infrastructure logistique et de livraison

Coupang a déclaré des dépenses logistiques totales de 1,98 milliard de dollars en 2022. La société exploite 30 centres d'exécution à travers la Corée du Sud, avec un total de 4,5 millions de pieds carrés d'infrastructures logistiques.

Catégorie de dépenses	Coût annuel (2022)
Infrastructure de réseau de livraison	892 millions de dollars
Frais de livraison de dernier mile	612 millions de dollars
Équipement de transport	276 millions de dollars

Développement et maintenance technologiques

Les dépenses liées à la technologie pour Coupang ont atteint 486 millions de dollars en 2022, ce qui représente 6,2% des revenus totaux.

• Dépenses de recherche et de développement: 342 millions de dollars
• Coûts d'infrastructure cloud: 104 millions de dollars
• Dépenses du personnel technologique: 140 millions de dollars

Gestion de l'entreposage et des stocks

Coupang a investi 423 millions de dollars dans l'entreposage et la gestion des stocks en 2022.

Dépenses d'entreposage	Coût
Coûts opérationnels de l'entrepôt	267 millions de dollars
Systèmes de gestion des stocks	86 millions de dollars
Coûts de maintien des stocks	70 millions de dollars

Marketing et acquisition de clients

Les dépenses de marketing pour Coupang ont totalisé 512 millions de dollars en 2022, ce qui représente 6,5% des revenus totaux.

• Dépenses en marketing numérique: 276 millions de dollars
• Coûts d'acquisition des clients: 184 millions de dollars
• Campagnes promotionnelles: 52 millions de dollars

Salaires des employés et dépenses opérationnelles

Les dépenses totales liées aux employés étaient de 789 millions de dollars en 2022.

Catégorie de dépenses des employés	Coût annuel
Salaires de base	512 millions de dollars
Avantages et compensation	187 millions de dollars
Compensation en stock	90 millions de dollars

Coupang, Inc. (CPNG) - Modèle d'entreprise: Strots de revenus

Ventes de produits du commerce électronique

Au troisième trimestre 2023, Coupang a déclaré des ventes nettes de 5,2 milliards de dollars. Les ventes directes de produits constituent la principale source de revenus, avec des catégories clés, notamment:

• Électronique
• Mode et vêtements
• Marchandises à domicile
• Articles d'épicerie

Commission de vendeurs tiers

La plate-forme de marché de Coupang génère des revenus de commission grâce à des transactions de vendeurs tiers. En 2022, les commissions des vendeurs tiers ont représenté environ 15,7% des revenus totaux.

Année	Revenus de la Commission des vendeurs tiers
2022	824 millions de dollars
2023	967 millions de dollars

Services basés sur l'abonnement

L'adhésion à Coupang Rocket a généré environ 438 millions de dollars de revenus d'abonnement en 2022, ce qui représente une augmentation de 22% par rapport à 2021.

Revenus publicitaires

Les revenus publicitaires de Coupang en 2022 ont atteint 312 millions de dollars, la publicité numérique sur la plate-forme représentant un segment croissant.

Frais de logistique et de livraison

Logistics Services a généré 267 millions de dollars de revenus en 2022, le réseau de livraison propriétaire de Coupang soutenant ce flux.

Flux de revenus	2022 Revenus	Pourcentage du total des revenus
Ventes de produits du commerce électronique	4,1 milliards de dollars	62.3%
Commissions de vendeurs tiers	824 millions de dollars	15.7%
Services d'abonnement	438 millions de dollars	8.4%
Revenus publicitaires	312 millions de dollars	6.0%
Logistique et livraison	267 millions de dollars	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.