TECH - Alibaba and Coupang Intensify E-Commerce Battle with Major Investments in South Korea | Benzinga
Alibaba Group Holding Limited (NYSE:BABA), through its online platform AliExpress, has significantly increased its presence in South Korea, doubling its users to 8.58 million by April, according to Wiseapp.
Alibaba earmarked $1.1 billion for South Korea to build a new logistics center. This expansion comes amid fierce competition from domestic e-retailer Coupang, Inc (NYSE:CPNG), which is aggressively investing in advanced technologies and logistics to maintain its market share, taking a cue from Amazon.Com Inc (NASDAQ:AMZN).
Coupang reported a net loss of $24 ...