On May 23, Fast Company named Bom Suk Kim, CEO of Coupang, as #23 on its 10th annual list of the Most Creative People in Business.
The Fast Company annually announces 100 influential businessmen who are active in various business areas around the world, including IT, design, entertainment, healthcare, media, government, non-profit organizations, finance and food. This year, along with Coupang's Kim, figures from global companies such as Apple, Levi's and Google were included.
The fast company said Coupang, led by Kim, has changed the lives of Koreans. South Korea is famous around the world for its long working hours, commuting hours and high population density. Korean consumers are enthusiastic about the Coupang service, which allows them to easily purchase products they want from their smartphones every minute from the subway to sleep after work and receive them the next day.
Coupang helps busy office workers to have a healthy and leisurely morning with fresh salad delivered at dawn, and allows working couples to take their children's ballet suits to school the next day even if they order them after work.
Coupang allows millions of products to be shipped by 7:00 a.m. the next morning. In addition to shipping, Coupang's smart recommendation engine also uses artificial intelligence to recommend products to customers that have never been sold together before.
Coupang, which operates on a large-scale cloud system, responds to this demand in an instant, even if customers double their orders overnight. Coupang's payment system, equipped with a financial company-level fraudulent detection system, helps customers easily and safely complete payments worth trillion won a year with just one touch.
Coupang delivers more than half of its goods without paper boxes, with millions of products shipped per day. The reduced packaging greatly relieves customers from the inconvenience of handling packaging waste and reduce traffic and carbon emissions by increasing the efficiency of loading trucks.
"Our goal is to raise the quality of life with Coupang," Kim said. "To achieve this goal, we have to make drastic changes in our customers' lives. The willingness to make our customers' lives easier and more comfortable is the source of inspiration that creates our innovation."
Meanwhile, Kim was born in Seoul in 1978 and graduated from Harvard University with a degree in political science and Harvard MBA. When he was a student at Harvard University, he created a magazine called "Current" that targets college students. The magazine developed into 100,000 copies in three years and was sold to Newsweek.
He then launched "Vintage Media Company" and sold it to U.S. news magazine at a high price. Since then, he has studied professional management systems at business schools. He returned to Korea in 2010 and established social commerce Coupang with seven founding members.