Coupang 'Cheer Up Korea' Participating Gyeongbuk Companies' Sales Up 82%

Partnering with Gyeongsangbuk-do to Drive the Local Economy

[Asia Economy Reporter Kim Cheolhyun] Coupang announced on the 16th that the sales of small local merchants in the Gyeongbuk region who trade with Coupang grew by 82% compared to the previous year. Despite the domestic demand contraction caused by the novel coronavirus infection (COVID-19), it is explained that the online expansion through Coupang drove the growth.

Coupang and Gyeongsangbuk-do have actively supported the online expansion of small and medium-sized merchants in the Gyeongbuk region by holding various events since April. In April, they held the first "Cheer Up Korea" special exhibition, and in May, the "Cheer Up Korea, Gyeongbuk Sale Festa" special exhibition. From June, the second "Cheer Up Korea" special exhibition has been ongoing. In the second special exhibition, more than 2,400 products from 149 small and medium-sized merchants in the Gyeongbuk region are scheduled to be introduced to customers nationwide until the end of the year.

Coupang and Gyeongsangbuk-do invested a total of 2.4 billion KRW, 1.2 billion KRW each, in the "Cheer Up Korea" special exhibition. The Gyeongsangbuk-do budget was used for providing immediate discount benefits, while Coupang’s budget was used for marketing and advertising. Additionally, Coupang held a "Product Review Meeting and Coupang Seller Academy" together with Gyeongsangbuk-do and the Gyeongsangbuk-do Economic Promotion Agency. This event, held on the 24th of last month, was designed to assist small and medium-sized merchants located in Gyeongbuk who wish to join Coupang. The program included guidance on joining Coupang, special lectures on online sales marketing, and consulting on online sales know-how such as Coupang Rocket Delivery enrollment methods, marketing, product promotion, and product search.

The support from Coupang and Gyeongsangbuk-do led to sales growth for small and medium-sized merchants in Gyeongbuk. 'El Food,' a fruit company in Cheongdo, saw its monthly sales increase more than tenfold within four months of joining Coupang through Rocket Fresh delivery. The Fisheries Promotion Division of Pohang City also saw the shipment volume of the Korean sandfish, which had decreased from 30 tons to 1 ton due to COVID-19, surpass the previous year as seasoned and cold raw fish dishes gained popularity through Coupang Rocket Fresh.

Yoon Hyeyoung, Vice President of Retail at Coupang, said, "Coupang serves as a platform that allows products produced in the region to be sold to customers nationwide," adding, "We will continue to spare no support to help small and medium-sized merchants facing difficulties and to revitalize the local economy."

Meanwhile, Coupang published the "2020 Cheer Up Korea Report" last month, highlighting the results of mutual growth with local communities. According to the report, an analysis of the sales growth rate of sellers cooperating with Coupang in the first half of the year showed that the average regional sales growth rate was 1.6 times higher than that of the Seoul and Gyeonggi regions. The regional sales growth rate of small merchants with annual sales under 300 million KRW trading with Coupang also exceeded an average of 100%.

This content was produced with the assistance of AI translation services.