Bom Kim is known to be the CEO and founder of Coupang, the country’s fastest-growing e-commerce site so far. Coupang is revolutionizing South Korea’s online retail industry by cutting costs and investing extensively in fast deliveries, similar to Amazon in the United States.
|Full Name||Bom Kim|
|Titel||Founder and CEO of Coupang|
|Profession||Korean-American businessman and internet entrepreneur|
|Date of birth||7 October 1978|
|Age (as 2021)||42 Years|
|Birthplace||Seoul, South Korea|
|Current residence||South Korea
|Religion||No religion (Rumor)|
|Net Worth ( as Jun 2021)||US$6.79 billion|
Early Life and Education
He was born in Seoul and moved to the United States when he was seven years old. He went to Deerfield Academy, a boarding school in Massachusetts, where he embossed in varsity wrestling and running, and afterward joined Harvard University; he also attended Harvard Business School but backed out after only six months.
Kim temporarily worked at Boston Consulting Group after working at The New Republic and founding Current, a student magazine, before raising $4 million to launch 02138, which collapsed in 2009.
Kim established Coupang in 2010 and now has raised over $3.8 billion in venture funding from companies including Sequoia Capital, Softbank, BlackRock, and others.
The Journey of Coupang
Coupang began in the late 2000s as a daily deal site similar to Groupon. However, as the scope of e-commerce expanded, Kim swiftly shifted to an eBay-inspired third-party marketplace.
The Company was a huge success. Kim said that the Company had reached $1 billion in revenue and was on the verge of an IPO within three years. He withdrew the transaction and significantly modified the company strategy at the eleventh hour, confident he could produce something better. As a result, Kim chose to start over, reimagining Coupang as an end-to-end shopping platform capable of managing the entire customer journey from desktop to door. According to Kim, this includes establishing Coupang’s own UPS-style logistics company, Rocket Delivery, with the goal of “delighting” clients and improving South Korea’s disjointed postal system.
Kim believed that attention to detail helped his Company stand out in a very competitive sector. Although Amazon was not present in South Korea, Coupang was crowned the consumers’ top online retailer last year, beating out local competitors such as Gmarket and 11Street.
Coupang as a Role Model of South Korea
South Korea’s e-commerce market has been quickly expanding in recent years, and it is expected to overtake China, the United States, the United Kingdom, and Japan this year to become the world’s fifth-largest. Meanwhile, the country is suitable for on-demand delivery services due to long working hours and densely populated cities. Coupang reacted forcefully to those market features. Today, Coupangmen, the Company’s over 5,000 drivers, deliver 99.3 percent of orders in less than 24 hours. Its new Dawn Delivery service promises to go above and beyond Amazon Prime, with purchases placed before midnight the night before being delivered at 7 a.m.
Coupang had received a total of $3.6 billion from significant investors such as Softbank, Sequoia Capital, and BlackRock as of November 2018. According to Forbes, this has given the firm a $9 billion valuation, making it South Korea’s most valued start-up and propelling Kim to iconic billionaire status.
Unknown Facts Facts about Bom Kim
- Kim was born in the city of Seoul. It’s worth noting that the city has gone by several different names over its history. When Seoul was still the capital of Baekje, one of the Three Kingdoms of Korea that flourished from 57 BC to 668 AD, it was known as Wiryeseong. Similarly, during the Joseon period, it was known as both Hanyang and Hanseong for a long time.
- Having said that, Kim fled South Korea when he was only seven years old. He was enrolled in a boarding school in Deerfield, Massachusetts, by the age of thirteen.
- Kim moved on to Harvard University, where he earned a Bachelor of Arts/Science degree. He eventually went to Harvard University’s graduate business school to study for a while. On the other hand, Kim dropped out of his program after only six months to pursue other options.
- It’s safe to assume Kim is interested in publishing. For example, he interned at The New Republican, one of the most well-known political newspapers in the United States. It’s worth noting that the publication’s opinions have shifted dramatically during its existence.
Worked at Boston Consulting Group for a while
Kim worked for a while at Boston Consulting Group, which is essential since, along with Bain & Company and McKinsey & Company, it is considered one of the Big 3. On the other hand, Kim appears to be uninterested in this area of work, as he left when he was able to secure enough funds to start his next project.
Hasn’t Always Succeeded in His Business Ventures
The failure of a start-up is pretty standard. After all, compared to their more established rivals, start-ups have significantly smaller reserves, making it far more difficult for them to survive major setbacks. Furthermore, most start-ups must break into their target market, making their initial experience an uphill battle. Kim’s initial endeavor was a publication named 02138, which lasted for a while before dissolving in 2008. He didn’t take long to move on to his next endeavor, so it’s safe to assume he wasn’t too discouraged by his failure.
Didn’t Discover anything, but did modernize
The business model used by Coupang has been used before. It began with a daily-deal business model, in which an online retailer offers a single product at a significantly reduced price for a period of 24 to 36 hours. This provides a helpful sense of urgency, as interested people must act quickly before the opportunity passes them by. Regardless, the business model has been operational since the mid-2000s. However, it may be traced back even farther to internet shops active during the late-90s dot-com bubble. Of course, it would be a mistake to claim that Kim hasn’t innovated on the daily-deal business model, given that Coupang has prospered although a slew of well-known and not-so-well-known firms.
His Company Reaped a lot of benefits from its Quick Deliveries.
Coupang has enjoyed the benefits of its quick deliveries, which offer same-day or next-day delivery of a large selection of products. It has experienced tremendous growth due to this and other circumstances, to the point where it currently has operations in nations other than South Korea.
Last but not the Least
Kim, born in Korea but raised in the United States, spent much of his childhood in New England, attending boarding school in Massachusetts before enrolling at Harvard. He stayed in Massachusetts, working at Boston Consulting Group until launching his own paper, 02138—Cambridge’s zip code—as an unofficial Harvard alumni newsletter. Before dissolving in 2008, the magazine remained afloat for two years, with a chunk of that time being under Atlantic Media’s ownership.
The Harvard dropout is probably unconcerned about his college selection now. His Company was designated “one of the 50 smartest companies in the world” by adjacent MIT in 2016, located at 02139, right next door to his alma university.
Bom Kim, 40, became South Korea’s second-youngest millionaire despite dropping out of Harvard Business School after six months and folding his first firm. That was accomplished by establishing Coupang, Korea’s counterpart to Amazon. Starting out as a daily-deals firm akin to Groupon (and, interestingly, Korea’s #1 diaper vendor), Coupang has grown into an e-commerce behemoth, with revenues of $4.1 billion in 2018 and a record investment from SoftBank.
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