Korean e-commerce giant Coupang has significantly streamlined its seller onboarding process, eliminating previously mandatory English translation requirements for documentation. This policy change removes a major obstacle for Chinese merchants seeking to access Korea's lucrative online marketplace.
Simplified Onboarding Process
The revised registration requirements now include:
- Business license: Valid corporate registration documents (minimum 1 month old)
- Corporate representative identification: Front/back photos of ID or passport plus holding verification
- Bank account verification: Documentation for financial transactions
- Mobile service invoice: Contact verification
- Cross-border transaction records: Proof of e-commerce platform experience
While the 2022 merchant recruitment period has concluded, newly registered stores will become operational on January 1, 2023. Industry observers note that platform admission criteria typically relax during early-year enrollment windows.
Korea's Thriving E-Commerce Landscape
Coupang's Q3 2022 financial report reveals $5.1 billion in total sales, representing 10% year-over-year growth (27% when adjusted for currency fluctuations). Gross profit surged 64% with margins reaching 24.2%, an 8-point improvement.
Korea ranks as the world's fifth-largest e-commerce market, comparable in scale to Southeast Asia's combined digital marketplace. Recent data from Statistics Korea shows Chinese products leading import growth with 61% year-over-year sales expansion in Q3 2022.
Market Dominance and Operational Advantages
Dubbed "Korea's Amazon," Coupang commands over 60% domestic market share with 20 million active users. The platform's $2 billion annual sales volume stems from industry-leading delivery efficiency and customer-friendly return policies.
Successful sellers emphasize operational efficiency as critical for marketplace performance. Common challenges include inventory management, competitive pricing strategies, and marketplace monitoring—areas where specialized e-commerce tools can provide strategic advantages.
The platform's lowered entry barriers coincide with growing Korean consumer demand for international products, presenting timely opportunities for cross-border merchants to establish market presence.