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Coupang, the leading e-commerce firm in South Korea, recently announced its withdrawal from Japan. It will discontinue its quick delivery service in the country just 21 months after it started operating its business there.
As per Nikkei, Coupang is set to close its fresh food and daily essentials delivery service in Setagaya, Tokyo and in Meguro. Starting March 21, customers will no longer be able to use the service, and the pull-out was said to have been confirmed on Sunday, March 12.
It was said that the Korean e-commerce giant made the decision to end its business in Japan so it can focus on Taiwan and South Korea. Moreover, part of the reason for the withdrawal is the huge decrease in demand for delivery service among Japanese customers as the COVID-19 pandemic wanes.
An official of Coupang also said, "We decided to withdraw our business from Japan based on the results of the trial operation of the service in Japan."
The Korea Herald reported that the pilot program for the delivery service was first launched in June 2021. It has promised quick delivery of items from nearby retail outlets and convenience stores in just 10 minutes within two key districts of Tokyo.
In a separate statement, an official told The Korea Herald, "Instead of Japan, we are aiming to focus more on the domestic (Korean) delivery market as our market share is considered not big enough.
He explained that the growth potential in the company's home ground is high. They can see its market value increasing to some KRW700 trillion or $530 billion by the year 2025.
Finally, he shared that Taiwan is Coupang's other target, so it is the other top priority market for its e-commerce business. The official said Korean-made products are really popular in the country, and the demand for online internet shopping is growing fast as well.
