Coupang Inc., South Korea's leading e-commerce platform, announced on Sunday that the number of small and medium-sized enterprise (SME) manufacturers for its private brand (PB) products had surpassed 550 by the end of last year.
It's a 20% increase compared to the previous year and more than three times the number at the end of 2019, which stood at around 160.
The employment numbers at these manufacturers have also seen a significant rise.
According to the company, the number of employees at PB manufacturers was 23,000 as of January this year, marking a 15% increase from March of the previous year, when the figure was 20,000.
The growth in employment numbers contrasts with a 1.7% decrease in the total number of employed individuals nationwide during the same period.
Notably, 90% of PB product manufacturers are SMEs, contributing to 80% of total PB sales.
Coupang's expansion into Taiwan has benefited SME manufacturers by offering them opportunities to venture abroad through Coupang's Rocket Delivery service in Taiwan