As Coupang Inc., an e-commerce giant from South Korea, moves to go public in the United States.
Market Kurly, headquartered in Seoul, joins the race with South Korea’s online grocery market Coupang, which features seafood that are freshly caught and overnight delivery. According to the 37-year old CEO Sophie Kim, Market Kurly, which was established in 2014 and had a market capitalization of approximately one trillion, is in discussions with bankers about going public before the end of the year, the company's 37-year-old CEO.
Market Kurly is a small company relative to Coupang, which is valued at about $60 billion and has a market that goes well beyond groceries. Coupang, listed on CPNG, became the largest multinational corporation to make its debut in the United States on Thursday.
South Korea's population, hyper-connectivity and affluence have made it an ideal testbed for worldwide online shopping's potential course. According to research company Euromonitor, this country has a better penetration for e-commerce sales, with approximately two-fifths of online transactions.
Further, Euromonitor says that South Korea is expected to rise at the fastest rate of the world's five largest e-commerce markets this year, rising 11 percent to $116 billion. This is higher than the United States, the United Kingdom, China, and Japan.
According to Euromonitor, South Korea's e-commerce sector has thrived through the pandemic, rising 26 percent in 2020 over the previous year. However, shoppers in the country have a long internet retail and distribution experience, providing local businesses with years of shopping data to fuel algorithms that manage the entire supply chain.
Coupang uses artificial intelligence to figure out the most effective order distribution directions, right down to where deliveries can be put within delivery vehicles. Market Kurly employs data scientists to forecast fishermen's regular catch to determine how much fresh seafood it can have.