Coupang Publishes 'Coupang Win-Win Report 2023'... Summary of Joint Growth with Small and Medium-Sized Merchants

Co-Growth of Small and Medium Enterprises and Revitalization of Local Economy

Coupang announced on the 31st that it has published the 'Coupang Win-Win Report 2023,' a report summarizing the growth of small and medium-sized enterprises (SMEs) and the revitalization effects on local economies.

In this report, Coupang introduced various win-win activities carried out to support SMEs using the initials of the word 'COUPANG.' The keywords presented by Coupang are ▲ Cooperate with SMEs to help their growth ▲ Opportunity for SMEs on Private Brand (PB) ▲ United with Women-Owned Business and Startups ▲ Provide Help to Traditional Market with Digital Transformation, among a total of seven themes.

Coupang expanded win-win projects with related organizations such as the Ministry of SMEs and Startups, the Korea Federation of SMEs, and the Korea Women Entrepreneurs Association to provide growth opportunities for SMEs struggling to secure sales channels. In particular, after launching the permanent planning section 'Good Store,' which gathers excellent products from SMEs, in August last year, participating companies achieved a 40% increase in sales growth in 2022 compared to 2021.

Coupang Headquarters, Songpa-gu, Seoul
Photo by Coupang

CPLB, Coupang’s private brand (PB) subsidiary, revitalized employment for small manufacturers facing a crisis due to population decline. More than 80% of these small manufacturers, which had been experiencing employment stagnation outside Seoul, partnered with Coupang to produce well-known PB products such as GomGom and Tamsa, resulting in a 36% increase in sales at the end of last year compared to the previous year. As sales increased, investments in facilities and jobs also grew, and the number of employees at manufacturers collaborating with Coupang rose.

Additionally, Coupang Eats, Coupang’s food delivery service, reduced the burden on market merchants by not charging order brokerage fees, and Coupang Fulfillment Service (CFS) introduced 'Rocket Growth' in March to fundamentally address the concerns of tenant SMEs.

Daejun Park, CEO of Coupang, stated, "It is no exaggeration to say that Coupang’s achievements so far have been accomplished through mutual growth with SMEs and local communities. Going forward, we will build a virtuous cycle of win-win cooperation not only domestically but globally, proactively setting standards for win-win practices in the market and fulfilling our role as a Good Store, as the permanent planning section is named."

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