Coupang Ranks 2nd in Asia-Pacific as the World's Most Innovative Company
Fast Company Survey... Highest Overall Scores in Tech, E-commerce, and Logistics Evaluation
[Asia Economy Reporter Kim Cheol-hyun] Coupang announced on the 11th that it was selected as the 2nd most innovative company in the Asia-Pacific region in 2020 by the U.S. technology and economy media outlet 'Fast Company.' Fast Company had previously named Coupang CEO Kim Beom-seok as one of the '100 Most Creative People in Business 2019' in May last year. The top innovative company in the Asia-Pacific region this year was Zalora, a fashion e-commerce company headquartered in Singapore. Samsung Electronics ranked 3rd.
Fast Company explained the reason for the selection by stating, "Coupang, known as the 'Amazon of Korea,' is accomplishing things that Amazon cannot." They also highlighted that Coupang delivers products ordered by midnight within just a few hours by the next morning, and that a significant portion of these deliveries are made without thick delivery boxes.
After launching the 'next-day delivery' service that completes product delivery within one day of ordering, Coupang also introduced 'early morning delivery,' which guarantees delivery before 7 a.m. the next day if ordered by midnight. Millions of products, including fresh food ranging from ice cream to iPads, are delivered to customers within a few hours through early morning and same-day delivery services 365 days a year.
To achieve this, Coupang built logistics infrastructure nationwide equivalent to the size of 193 soccer fields, and reduced the size and volume of delivery packaging materials by more than 60% compared to 2018 while lowering the product damage rate. This not only reduced the amount of waste customers have to discard but also resulted in hundreds of millions of products being delivered without boxes annually and nearly halved the travel distance of trucks.
Hot Picks Today
Taking Annual Leave and Adding "Strike" to Profiles, "It Feels Like Samsung Has Collapsed"... Unsettled Internal Atmosphere
- There Is a Distinct Age When Physical Abilities Decline Rapidly... From What Age Do Strength and Endurance Drop?
- "One Comment Could Lead to a Report": 86% of Elementary Teachers Feel Anxious; Half Consider Resignation or Career Change
- "After Vowing to Become No. 1 Globally, Sudden Policy Brake Puts Companies’ Massive Investments at Risk"
- On Teacher's Day, a Student's Gifted Cake Had to Be Cut into 32 Pieces... Why?
CEO Kim Beom-seok emphasized, "Coupang's mission is to make customers' lives 100 times better than before," adding, "We will continue to innovate technology to make customers' lives remarkably more convenient until the moment customers say, 'How did we live without Coupang?'"
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
