When some investors think about Coupang (CPNG -0.22%), the first comparison that comes to mind is Amazon. Both companies dominate e-commerce in their respective markets by building logistics networks that make shopping almost effortless. In South Korea, Coupang has become a household name thanks to its Rocket Delivery service, which reliably offers same-day or dawn delivery to most of the population.
But like Amazon, Coupang isn't staying confined to retail. Over the past few years, the company has been planting seeds across new technology-driven businesses -- from streaming video to fintech to digital advertising. These ventures don't generate the bulk of revenue yet, but they show Coupang's ambition to evolve into a broader technology platform.
Here are four ways Coupang is positioning itself beyond retail -- and why they matter.
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1. Coupang Play: Building loyalty through streaming
Coupang Play began as a perk to keep customers engaged, similar to Amazon Prime Video. However, it has evolved into one of the top streaming platforms in South Korea, offering a mix of exclusive dramas, films, and live sports.
This move isn't about generating revenue from subscriptions today. Instead, Coupang Play serves as a loyalty driver. If a customer subscribes to Coupang for shopping and gets hooked on exclusive content, they're less likely to churn. That creates a stickier ecosystem and raises the lifetime value of each user. In the highly competitive e-commerce environment Coupang operates in, anything that boosts retention carries significant weight.
2. Coupang Eats: Chasing growth in food delivery
Coupang entered food delivery with Coupang Eats, stepping into a market already dominated by Baedal Minjok and Yogiyo. Competition is intense, but Coupang has one advantage: logistics.
Its existing network enables the company to streamline restaurant-to-doorstep delivery, reducing wait times. Food delivery doesn't just diversify revenue -- it creates another touchpoint with customers. If a household already relies on Coupang for groceries, packages, and now meals, the company becomes even more embedded in daily life.
Additionally, building a food delivery business expands Coupang's e-commerce reach from next-day delivery to instant commerce, a natural evolution for the company's e-commerce operations. This trend is already underway in countries like China, where Alibaba is actively investing in its quick commerce business; therefore, it makes sense for Coupang to position itself to benefit from it.
In other words, while Eats still operates in a challenging segment, food delivery could grow into a multibillion-dollar business, especially if Coupang gains further scale and efficiency in this business.
3. Coupang Pay and fintech
Fintech could become one of Coupang's most lucrative growth drivers. Coupang Pay, the company's payments arm, has grown in tandem with its retail business, enabling seamless transactions within its ecosystem.
South Korea already leads in digital payment adoption, creating fertile ground for expansion into adjacent financial services. If Coupang evolves Coupang Pay beyond checkout -- into credit, lending, or even merchant services -- it could unlock a much higher-margin business model.
It's a familiar pattern. Companies like MercadoLibre and Sea Limited followed similar paths, using e-commerce scale to build thriving fintech operations. Coupang could be next.
4. Advertising: The hidden growth engine
Perhaps the most overlooked opportunity lies in advertising. Amazon proved that a retail platform with rich customer data can transform into a massive advertising business. Today, Amazon's ad segment generates tens of billions of dollars annually.
Coupang occupies a similar position, boasting more than 20 million active customers and providing detailed insights into shopping behavior. That creates fertile ground for a retail media business where merchants pay to promote products. Advertising revenue typically carries far better margins than retail, which means even modest scale could lift Coupang's overall profitability.
What it means for investors
Coupang may still be best known for e-commerce, but that view undersells the company's ambition. Like Amazon before it, Coupang is leveraging its retail dominance as a launchpad into a broader range of technology-driven businesses.
For investors with patience, that diversification could prove valuable. If even one of Coupang's side bets -- whether in streaming, food delivery, fintech, or advertising -- reaches scale, it could significantly increase the company's long-term earnings power.
Coupang isn't just a retailer. It's evolving into a technology platform with multiple ways to win. And that's a growth stock worth watching.
