Coupang is the dominant e-commerce retailer in South Korea, selling a broad range of products including everyday essentials, fresh groceries, and general merchandise. Coupang's core differentiator is its delivery speed: its "Rocket Delivery" service offers same-day and dawn delivery (order by midnight, delivered by 7am) nationwide, powered by an owned, end-to-end fulfillment and logistics network. Coupang sells through two models: first-party (1P) retail, where Coupang owns and resells inventory, and a third-party (3P) marketplace where sellers list products that Coupang fulfills through its "Fulfillment and Logistics by Coupang" (FLC) service. Coupang also earns revenue from advertising on its platform and from its WOW membership subscription program, which offers delivery perks and drives higher spend and retention. The business reports two segments: Product Commerce (~86% of revenues), the profitable core Korea e-commerce business, and Developing Offerings (~14%), a collection of earlier-stage businesses including Taiwan e-commerce, Coupang Eats (food delivery), Coupang Play (streaming), and Farfetch (luxury fashion). Taiwan is currently Coupang's primary international investment, where Coupang is replicating its Korea infrastructure playbook — building out 1P selection, a 3P marketplace, last-mile logistics, and WOW membership. Coupang's cost structure is heavily weighted toward its owned logistics infrastructure, but management sees automation as a meaningful runway for margin expansion.