Retail giant Amazon started a new service for Korea Tuesday through 11st, an online shopping platform controlled by SK Telecom.
TMON will be offering “negative commissions” to some sellers, giving them money rather than charging them a fee when sales are made on its open market platform.
The big retail shakeup has started as the marts and markets react to Coupang’s New York IPO and prepare themselves for the sale of eBay Korea, which could change the competitive landscape and significantly shift market shares.
Coupang has bigger problems now than just reporting massive losses. A competitor is being formed that could shake up the e-commerce business and threaten its position in the market.