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海擇短評 Haize Comment：
近期韓國電商平台Coupang(NASDAQ: CPNG)爆出醜聞，被韓國公平貿易委員會(FTC)認定違反"公平交易法(Monopoly Regulation and Fair Trade Act)"與"大零售業公平交易法(Fair Transactions in Large Retail Business Act)"，處以罰款1,400億韓元(1.01億美元)罰款，並交由檢察官辦公室提起公訴。
從違法事項看，韓國FTC指控Coupang在2019年2月至2023年7月間，對超過6萬件商品進行非法行為，其行為包含操縱演算法，動員員工人為提升自有品牌產品的搜尋排名，並對其撰寫好評，提高評價，誤導消費者；此外也強迫供應商遵循其非法行銷規定，例如要求供應商在Coupang陳列最低價格，或提高在其他平台上的售價，以便Coupang能以較低價格出售相同產品。FTC開出的罰款1.01億美元，相當於Coupang在2024Q1營業利潤的2.5倍，也相當於2023全年營業利潤的21%。
海擇資本認為，之所以存在韓國FTC所認定的非法行為，主因在於，Coupang做為電商平台所陳列的產品，源於各品牌供應商，其中也涵蓋自有品牌商品。由於各類品牌方常尋求代工廠生產更具效益，而非以自有工廠的產能生產；賣場平台由於自帶客源流量，繞過品牌方直接找尋代工廠生產產品並不少見，Costco(NYSE: COST)也有自有品牌Kirkland。放在旅遊行業，OTA平台從B2B業者拿產品後，也不乏直接與底層供應商簽約、跳過B2B業者的例子。Coupang的問題是在球員兼裁判時，把資源過度傾斜於自有品牌；按照FTC的案例，Coupang曾直接把排名低於100的產品，經過演算法操縱後升至首位；還成立由2000多名員工組成的“Coupang體驗小組”，發表了7萬多條評論，產品的平均評分達4.8分(滿分5分)。
Coupang能在韓國一眾電商中脫穎而出，甚至拓展至台灣，仰賴的是快速送貨、免費退貨與豐富多樣的自有品牌，其中包括地方中小企業合作的自有農漁牧產品品牌。雖然這些自有品牌供應商顯然對Coupang的送貨、退貨政策有極高的配合度，但放在其他供應商看來，必定會認定這些自有品牌擁有高傾斜式的行銷資源，貨既賣得多，有更多的付出也是應該，自然會有"陪太子讀書"的無奈與憤懣。Coupang沒有勇氣建立一個僅有自有品牌產品的獨立平台，球員兼裁判又無法兼顧公平，被投訴也是遲早的事，只是公司與分析師沒人想到會罰得這麼重。按FTC的規定，違反公平交易可處以違規交易總額的2%至4%罰款，而針對市場支配濫用行為，罰款可達違規營業額的10%至20%，看來FTC的算法是把2019年到2023年自有產品的相關交易額一次總罰，最後罰出比之前對Google與蘋果在韓國壟斷還高的天價罰款。
這件事對Coupang是很大的打擊，問題不在罰款本身，我們認為上訴後還有空間；消費者的問題可能也不大，Coupang的自有品牌還有不少獨佔商品。海擇資本認為，風險在於供應商層面，如果供應商未來不想"陪榜"，大舉退出Coupang，降低了產品品類的豐富性，必然會衝擊公司APP的月活，進而影響收入。境外電商的做法是，乾脆把排名與評論機制當成廣告產品，售賣給供應商，也許這會是未來的方向。
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Recently, South Korean e-commerce platform Coupang (NASDAQ: CPNG) was embroiled in a scandal and could be fine 140 billion KRW ($101 million) by the Korea Fair Trade Commission (FTC) for violations of the "Monopoly Regulation and Fair Trade Act" and the "Fair Transactions in Large Retail Business Act." The case has been referred to the prosecutor's office for further action.
The FTC accused Coupang of illegal activities with over 60,000 products from February 2019 to July 2023. These activities included manipulating algorithms to unfairly boost search rankings for its private label products, writing positive reviews to mislead consumers, and forcing suppliers to adhere to unlawful marketing practices like mandating the lowest prices on Coupang or increasing prices on other platforms to make Coupang’s prices seem lower. The $101 million fine represents 2.5 times Coupang's Q1 2024 operating profit and 21% of its total 2023 operating profit.
Haize Capital believes that the illegal activities identified by the Korea FTC stem from Coupang's role as an e-commerce platform displaying products from various brand suppliers, including its own private labels. As brands often outsource production for cost efficiency rather than using their own facilities, it is not uncommon for retail platforms with their own customer traffic to bypass brands and directly engage with manufacturers, similar to Costco's (NYSE: COST) private label, Kirkland. In the travel industry, OTA platforms often contract directly with lower-tier suppliers, bypassing B2B providers. The issue with Coupang was its dual role as both player and referee, disproportionately favoring its private labels. According to the FTC, Coupang manipulated algorithms to elevate products from below rank 100 to the top and had a "Coupang Experience Group" of over 2,000 employees who posted over 70,000 reviews, with products averaging a 4.8 rating out of 5.
Coupang stands out among South Korean e-commerce platforms, even expanding into Taiwan, thanks to its rapid delivery, free returns, and a diverse range of private labels, including those from local SMEs in agriculture and fisheries. While these private label suppliers align closely with Coupang's delivery and return policies, other suppliers inevitably see these brands as having preferential marketing resources. This situation creates resentment, as these favored brands get a disproportionate share of support. Coupang has not dared to create a platform solely for its private labels, maintaining its dual role as both player and referee, which inevitably led to complaints. No one, not the company nor analysts, anticipated such a heavy fine. According to FTC regulations, violations of fair trade can incur fines of 2% to 4% of the transaction volume, and for abuse of market dominance, fines can be as high as 10% to 20% of the offending turnover. It seems the FTC's calculation imposed a cumulative penalty on transactions involving private labels from 2019 to 2023, resulting in a record fine higher than those previously levied on Google and Apple in Korea.
This incident is a significant blow to Coupang, not so much because of the fine itself—as we believe there is room for appeal—but due to potential supplier issues. If suppliers decide to stop partnering with Coupang, reducing the diversity of products, it could impact the monthly active users on the company's app and consequently affect revenue. Internationally, some e-commerce platforms treat rankings and review systems as advertising products sold to suppliers, which might be a direction for the future. Haize Capital sees the main risk at the supplier level, where a large-scale withdrawal could be detrimental.
標籤 Label： Korea FTC NASDAQ: CPNG Algorithm Fine NYSE: COST