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South Korea’s e-commerce large Coupang Corp. is marking its first abroad foray by getting into the Singapore market after 11 years of operation.
Coupang has apparently been searching for methods to enter Singapore since final July when it acquired Singtel’s video streaming service supplier Hooq Digital Ltd.
Following information of its growth right here, the New York Inventory Trade-listed firm has additionally began hiring rounds in Singapore.
In accordance with its LinkedIn web page, there are at the moment 4 out there positions in Singapore, which was posted as early as final week. The out there roles embrace head of retail, head of logistics, head of operations and senior front-end engineer (for Coupang Play).
Nonetheless, the Korea Financial Day by day reported that Coupang has been recruiting lots of of workers in Singapore, starting from entry stage to government positions throughout numerous features since final month.
Becoming a member of The E-Commerce Race In SEA
Picture Credit score: PitchBook
Coupang has apparently been making preparations to enter the Southeast Asian market “from as early as final 12 months“.
Whereas Singapore isn’t thought-about an enormous marketplace for e-commerce, its entry right here could be seen as a beachhead for Southeast Asia.
Its growth to Singapore may additionally sign its need to compete in opposition to the Chinese language and American e-commerce heavyweights.
In spite of everything, throughout its first post-IPO press convention, Coupang founder and CEO Kim Bom-suk revealed that the first purpose for itemizing his firm within the US was to “compete in opposition to Amazon and Alibaba.”
High e-commerce platforms in Singapore / Picture Credit score: Statista
At present, the e-commerce market in Singapore is dominated by Tencent-backed Shopee, Alibaba-backed Lazada, Qoo10, Amazon and Ezbuy.
The highest three firms all have their Southeast Asia regional places of work in Singapore and function in main international locations within the area together with Indonesia, Malaysia and Thailand.
What may assist set Coupang aside from the remainder is its energy in digital logistic. It presents same-day “Rocket Supply” service in Korea, which is optimised for operations in densely populated areas.
Again residence, Coupang has arrange a complete, digital-oriented logistics system and distribution centres near Korea’s metropolitan areas. They may construct the same logistics system in Singapore, which can also be densely populated.
At present, same-day supply companies are usually not but prevalent in Singapore, so that is the place Coupang may win the higher hand.
Featured Picture Credit score: Enterprise Wire