Coupang, "Payment Volume Surpasses Pre-Incidence Levels"... Analysis by AI Tech Firm IGEA Works

*This content was translated by AI.

Coupang, which had been struggling due to the data breach, is showing signs of recovery.

It was revealed that Coupang's estimated credit and debit card payment volume for January and February this year exceeded the level prior to the official announcement of the large-scale personal information breach at the end of last November.

Although payment volume temporarily declined following the data breach controversy, it has shown a recovery trend in March and April this year.

According to Mobile Index by AI tech firm IGEA Works on the 7th, Coupang's estimated credit and debit card payment volume for April this year was 4.6069 trillion won. This represents a 3.8% increase compared to the 4.4366 trillion won recorded in October last year, before the personal information breach was officially announced at the end of November. It also marks a 3.0% rise compared to the 4.4735 trillion won recorded in November last year.

Kim Beom-seok, Chairman of Coupang Inc., stated during the first-quarter earnings conference call on the 5th, "The product commerce revenue growth rate hit its lowest point in January, and since then, performance has improved month-over-month compared to the previous year, with the pace of improvement accelerating in February and March."

He further added, "Following the personal information breach, the majority of existing customers and Wow members did not leave." He noted, "As of the end of April, the number of Wow members has recovered by approximately 80% of the decline since the incident, driven by re-sign-ups of members who had previously left the Wow membership and an increase in new member registrations."

Payment volumes for major domestic and international shopping platforms other than Coupang showed mixed trends compared to October last year.

In April, Gmarket's payment volume reached 386.7 billion won, a 12.0% increase from October last year, and Curly also rose by 8.4% to 153.0 billion won. In contrast, 11th decreased by 9.6% to 229.8 billion won, and AliExpress, one of the leaders in Chinese C-commerce, fell by 7.2% to 82.62 billion won. Temu also declined by 2.4% to 65.7 billion won. Chinese C-commerce appears to be struggling.

<© STARNEWS. All rights reserved. No reproduction or redistribution allowed.>

*This content was translated by AI.