Kurly, Coupang join competition in online beauty market
Kurly Corp. and Coupang have entered South Korea’s online beauty market, intensifying the existing fierce competition.
Kurly, the operator behind the e-grocery platform Market Kurly, introduced an exclusive beauty platform named Beauty Kurly in November of the previous year.
Since then, it has been expanding its market share through a strategy focused on premium offerings.
Beauty Kurly currently hosts an array of high-end cosmetics brands such as La Mer, Sisley, Whoo, Kiehl’s and others that are exclusively available at department stores.
Market Kurly’s primary customers, those in their 30s and 40s, constitute an overwhelming majority of 70 per cent of Beauty Kurly’s customer base.
Kurly reports that sales of high-end beauty products in the first half of this year were six times higher than those of the previous year.
Meanwhile, just last month, Coupang launched Rocket Luxury, a dedicated platform for high-end beauty brands, showcasing its determination to establish a presence in the beauty market.
Rocket Luxury showcases 16 high-end cosmetics brands, including Estée Lauder, MAC and Bobbi Brown. All products have been directly procured by Coupang.
Moreover, South Korea’s leading e-commerce retailer provides a quality packaging service. For subscribers of the Wow Membership program, delivery and return services are offered at no additional cost.
E-commerce companies are captivated by the potential for substantial growth within the online beauty market.
In 2021, the global online beauty market (50.4 per cent) outpaced its offline counterpart (49.3 per cent) in terms of retail sales, according to data compiled by Euromonitor International.
Given the high unit prices and margins, capturing a certain percentage of the market is sufficient to significantly enhance sales performance, which is an appealing prospect for businesses.
This story was originally published by Ashley Song, via Korea Bizwire.