Coupang chosen as a top "disruptor" by CNBC
Coupang is No. 2 on the 2020 CNBC Disruptor list.
It is the first Korean company to make it onto the list, which has been published by the U.S. business channel since 2013. Coupang was also the first Korean company to be nominated.
Each year, the broadcaster identifies 50 private companies with breakthroughs influencing business and market competition. All private, independently owned start-up companies founded after Jan. 1, 2005 were eligible to be nominated this year.
Coupang was ranked No. 2 from a total 1,355 nominees selected by the station and a board of advisors.
How the companies reacted to the coronavirus was key in the selection process this year. CNBC gave credit to the retailer’s fast delivery service, and its effort to replenish necessities, such as face masks and hand sanitizers, during the pandemic.
The American broadcaster ranked Coupang high on the list considering its ability to withstand a rush of online orders during the virus outbreak while maintaining its quality delivery service. CNBC complimented the company for freezing the prices of face masks and hand sanitizers to prevent customers from being adversely affected by the disruption in the supply chain caused by the outbreak.
Coupang said in a statement Wednesday that its vast logistics network and infrastructure it aggressively built in recent years may have helped it reach second place. The retailer claims more than 70 percent of the Korean population lives 10 minutes away from its “Rocket Delivery” logistics hubs.
Coupang said it will continue to contribute to the fight against the pandemic. It created around 20,000 jobs in the first quarter in the face of a national unemployment crisis.
At No. 10, Grab was the next highest East Asian company on the list. San Francisco's Stripe, a payments provider, was No. 1.
While Coupang may have benefited from social distancing and the boom in shopping from home during the pandemic, the outbreak has also brought it some trouble. In May, employees at two of its logistic centers were found to be infected with Covid-19.
BY KANG JAE-EUN [firstname.lastname@example.org]