Among the pandemics’ greatest business beneficiaries were online-based grocery delivery services. Using services like Coupang 쿠팡 and Market Kurly 마켓컬리, customers would order fresh groceries to be delivered by very early morning the next day.
But as social distancing measures end, there is less reason for people to stay home and cook. Latecomers to the morning delivery space, such as Lotte ON 롯데온 and HelloNature 헬로네이처, have waved the white flag, announcing they would be withdrawing from the market.
Even an established service like Market Kurly is struggling in the face of the two giants in the sector, Coupang and SSG.com. Although Kurly, Inc., the company that operates the service, has been eyeing an initial public offering in the later part of this year, the IPO prospect is dimming as its deficit is growing while the business climate is becoming less friendly, particularly with a sharp rise in food prices.