韩国电商：眼见为实2026，线上杂货购物现实核查

Korea E-commerce: Seeing is believing 2026... Online groceryshopping reality check What began as a simple consumer task - purchasing yogurt and a BTS collaboration ramenfor a short stay in Korea - quickly evolved into a grounded comparison of four major groceryplatforms: Coupang, Naver Shopping with Kurly, SSG.com, and Baemin B-Mart. Thisexercise highlights a key reality for investors: the competitive landscape in quick commerceis not determined solely by headline pricing, but by the interplay of pricing structure, Min-Joo Kang+852 2123 2644 minjoo.kang@bernsteinsg.com Robin Zhu+852 2123 2659robin.zhu@bernsteinsg.com Coupang - Lowest price, but structural friction.Coupang emerges as the clear leaderon absolute pricing. However, this leadership is partially offset by structural frictionembedded in its delivery system. Specifically, Rocket Fresh requires a KRW 15,000minimum based on discounted prices rather than listing prices, and products outside theFresh category do not contribute to this threshold. In practice, this creates inefficienciesin basket construction: in this case, the ramen was only available under Rocket delivery, Charles Gou+852 2123 2618charles.gou@bernsteinsg.com Naver and Kurly - Easier threshold, hidden advantage.In contrast, Naver Shoppingand Kurly benefit from a more consumer-friendly threshold mechanism. Their free deliveryrequirements are based on listing prices rather than post-discount payment amounts,making it materially easier for users to qualify for free shipping. This seemingly subtledistinction has meaningful implications. When the threshold is met, the effective total costbecomes competitive with Coupang, particularly for multi-item baskets - further supported SSG.com - Assortment gap still a constraint.SSG.com, on the other hand, illustrates thecontinued importance of assortment depth in online grocery. The absence of the specificGreek yogurt brand sought in this case highlights a broader issue: online SKU availabilityremains narrower than offline equivalents. This gap directly constrains demand capture,regardless of pricing or delivery competitiveness. However, the limitation appears at least Baemin B-Mart - Speed over everything, at a price.Baemin’s B-Mart reflects a distinctlydifferent strategic positioning. Bamin is clearly driving quick commerce, prioritizing speedand convenience. While the platform did carry the specific items required, its pricing wassignificantly higher than competitors, and overall SKU breadth remained limited. The resultis a sharply defined but narrow use case: B-Mart is best suited for urgent, short-window BERNSTEIN TICKER TABLE INVESTMENT IMPLICATIONS We haveOutperformrating onNaver;Underperformrating onCoupang. Unlike market concerns that Naver’s shift toward the Naver Neocloud business will consume its resources, the companyappears to be continuing its push in commerce. As a meaningful portion of Naver’s operating cash flow is generated from digitalsearch advertising and commerce ad (KRW 3 trillion in 2025), it is likely to sustain investment in its commerce segment tosupport future initiatives. At the same time, given that industry-wide commerce margins are largely determined by competitive DETAILS EXHIBIT 3:SSG.com underscores an assortment constraint - limited SKU availability, driven partly by offline-to-online fulfillment restrictions, caps demand capture today but could improve if regulatory integration evolves. Disclaimer: This case is intended to illustrate a specific consumer experience and does not represent all shopping scenarios; actual pricing, discounts, assortment,and delivery conditions may vary depending on timing, location, and platform-specific factors.Source: Company application, Bernstein analysis. DISCLOSURE APPENDIX I. REQUIRED DISCLOSURES References to "Bernstein" or the “Firm” in these disclosures relate to the following entities: Bernstein Institutional Services LLC(April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1, 2024), Bernstein Autonomous LLP, BSG France S.A. (April 1,2024 onwards), Sanford C. Bernstein (Hong Kong) Limited盛博香港有限公司,Sanford C. Bernstein (Canada) Limited, SanfordC. Bernstein (India) Private Limited (SEBI registration no. INH000006378), Sanford C. Bernstein (Singapore) Private Limited,Sanford C. Bernstein Japan KK(サンフォード・C・バーンスタイン株式会社)and analysts employed by Société GénéraleAfrica Technologies & Services to produce Bernstein research under a Global Services Agreement in place between Bernstein Bernstein is part of a joint venture between Société Générale (SG) and AllianceBernstein, L.P. (AB). Unless specifically notedotherwise, for purposes of these disclosures, references to Bernstein’s “affiliates” relate to both SG and AB and their respective VALUATION METHODOLOGY Coupang Inc We have valued Coupang at a price target of USD 12 based on a DCF valuation method, implying one year forward PER of 45x(Q2 2027-Q1 2028). (DCF assumptions: WACC=12%, Terminal growth