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-- Coupang is raising its Wow membership fee to 7,890 Korean won from 4,990 won, multiple media outlets reported, citing the company. New subscribers will pay the increased price from Saturday,...
Korean e-commerce giant Coupang said Friday it will raise its monthly membership fee for paid users by 58 percent, in an apparent move to secure further capital amid growing challenges from Chinese rivals.
Coupang has decided to raise the price of its Wow paid membership service to 7,890 won ($5.74) per month, up 58 percent from the current 4,990 won, in an effort to improve profitability, but the abrupt price hike announcement has drawn criticism from users who think it is excessive, according to industry officials, Friday.
Coupang will raise its membership fees by 58% beginning on Saturday for new customers, according to a report from the Korean Times. The company's membership service boasts approximately 14 million subscribers and benefits include next-day shipping, free returns, video streaming and Coupang Eats food delivery service.