The duopoly of Coupang and Naver in South Korea's e-commerce market has solidified. Following the data breach incident at Coupang last year, competitors including Naver, Gmarket, SSG.com, and 11th introduced various customer attraction strategies such as enhanced membership benefits, but the gap in market share has not narrowed significantly.
According to app analytics service WiseApp Retail on the 28th, Coupang was ranked as the top comprehensive shopping mall brand by estimated payment volume from January to August this year.
With Coupang's estimated payment volume set at an index of 100, the rankings were: Naver (94.6), Gmarket/Auction (20.1), 11th (10.0), SSG.com (8.1), AliExpress/Taobao (5.8), GS Shop (4.4), CJ Onstyle (3.8), Hyundai Home Shopping (3.0), Lotte Home Shopping (2.9), Home & Shopping (1.9), NS Home Shopping (1.6), Temu (1.4), and Shinsegae Live Shopping (1.2).
Naver, in second place, approached Coupang's payment volume levels, while most other platforms recorded less than 10% of Coupang's payment volume, excluding Gmarket.
E-commerce companies generally had a higher proportion of customers aged 30–40, whereas home shopping companies showed that customers aged 50 and above accounted for approximately 40% of payment volume, which is higher than the 30th–40 age group.
By gender, home shopping channels attracted more female customers, while C-commerce platforms like AliExpress had a higher proportion of male customers. Over 80% of home shopping payment volume came from female customers, and about 70% of AliExpress payment volume was attributed to male customers.
For the three-month period from June to August this year, Coupang had the highest average monthly users at 33.64 million, followed by AliExpress (9.52 million), Naver Store (8.65 million), Temu (8.55 million), 11th (6.84 million), Gmarket (6.10 million), GS Shop (2.75 million), CJ Onstyle (2.69 million), Shein (2.23 million), and SSG.com (2.18 million).
Meanwhile, the estimated payment volume for major online comprehensive shopping malls in August this year reached 14.9 trillion won, an 8.1% increase compared to August last year (13.78 trillion won). This represents a 38% increase compared to August 2021, five years ago, when the payment volume was 10.8 trillion won.
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