Staff Software Engineer

Stock price pressure does not undermine long-term value, an analysis of MercadoLibre and Coupang's competitiveness. Buying growth stocks at a discount often yields substantial returns, particularly when their long-term competitive advantages remain intact. MercadoLibre (MELI), the Latin American e-commerce and fintech platform, and Coupang (CPNG), the South Korean e-commerce giant, are currently trading 26% and 68% below their respective all-time highs. However, both companies have seen no erosion of their competitive moats and continue to deliver double-digit revenue growth. MercadoLibre: the long-term play of a Latin American giant. Although MercadoLibre's stock has fallen approximately 26% from its peak, its business performance remains robust. In the second quarter, revenue grew 43% year-over-year on a constant-currency basis. As the leading e-commerce and fintech platform in Latin America, the company has sustained high-speed growth for many years. Its core competitive strength lies in the integration of its online marketplace with a rapidly expanding financial services ecosystem, which encompasses payment and credit tools. In the last quarter, the marketplace segment had 89 million unique active buyers, up 26% year-over-year, while the fintech platform reached 88 million monthly active users, a 30% increase. This deeply integrated model is difficult for competitors to replicate, which explains the company's long-term growth trajectory. The recent stock pullback reflects market concerns over margin pressure, but management has clearly prioritized long-term gains. Investments in free shipping, logistics infrastructure, and credit card operations are aimed at widening the moat and deepening customer relationships, providing a strong rationale for buying on dips. Additionally, advertising revenue surged over 70% last quarter and is poised to become a catalyst for margin expansion over the next decade. At present, the stock trades at a price-to-sales ratio of approximately 2.8 times, below its three-year average of 4.6 times, making the valuation attractive for a company still in a high-growth phase. Coupang: resilience of a leader in a turnaround. Coupang's stock has dropped about 68% from its all-time high in 2021 and is also down 52% from its 52-week peak, primarily due to slowing revenue growth over the past year and a data breach incident that affected user shopping behavior. However, in the second quarter, revenue still grew 10% year-over-year on a currency-adjusted basis. Although this represents a decline from the 14% growth rate in 2025, the fundamentals have not deteriorated. The company is headquartered in Seattle, operates mainly in South Korea, and maintains its dominant position in the local e-commerce market. Building a fast-delivery network in South Korea, where high-rise apartments are densely concentrated, is costly and complex, but Coupang has already completed that build-out, with approximately 99% of orders now eligible for same-day or next-day delivery. Its moat is further reinforced by warehouse automation and the WOW membership program, which integrates benefits such as free shipping, food delivery, and streaming services. Long-term member spending increases significantly over time; members enrolled for more than ten years now spend nearly ten times as much annually as they did in their first year, underscoring platform stickiness and limited alternatives. This also explains the rapid return of users after the data breach - spending by returning users has already surpassed pre-incident levels. In the second quarter, active product e-commerce customers grew 3% year-over-year to 24.7 million. The company is now replicating its South Korean experience in the Taiwanese market, where business growth is approaching the trajectory seen during its early expansion phase in Korea. The current price-to-sales ratio stands at about 0.8 times, roughly half of what it was before the data breach, indicating a low valuation. As the impact of the incident fades and the WOW member base expands, growth is expected to reaccelerate, offering strong return potential over the next decade for investors buying at the current discount.

WPIC partners with Tmall, Rakuten, and Coupang for Crossborder Summit. Media contact Published on August 18, 2026 Building on the success of last year's inaugural event with Tmall Global, the Asia Crossborder Summit 2026 broadens its scope to cover China, Japan, and South Korea. Santa Monica, CA - August 18, 2026 - WPIC Marketing + Technologies today announced the Asia Crossborder Summit 2026, an invitation-only event taking place October 14, 2026, in Santa Monica, California. The summit will bring together Tmall Global, Rakuten, and Coupang alongside leading consumer brands for a day of practical insights into what's driving cross-border e-commerce growth across China, Japan, and South Korea. The event builds directly on the momentum of last year's inaugural China Crossborder Summit, hosted by WPIC in partnership with Tmall Global, which brought U.S. brand leaders together to explore strategies, consumer trends, and case studies for entering China's booming online market. This year, WPIC is expanding that model beyond China, adding Rakuten and Coupang as partners to give attendees a single-room view into Asia's largest e-commerce markets. Attendees will hear marketplace presentations and regional market insights from Tmall Global, Rakuten, and Coupang representatives, alongside panel discussions, Q&As, and networking opportunities. The goal is to help consumer brands build a winning cross-border strategy across all three markets. "Last year's summit showed us just how much appetite there is among consumer brands for practical, marketplace-direct insight into Asia's e-commerce opportunities," said Joseph Cooke, Co-Founder and President of WPIC Marketing + Technologies. "China, Japan, and South Korea are each among the world's most sophisticated e-commerce markets, but they each demand a different playbook. Bringing Tmall Global, Rakuten, and Coupang into the same room gives brands a rare opportunity to understand all three in a single day." The Asia Crossborder Summit 2026 underscores WPIC's continued commitment to helping global brands navigate Asia's leading marketplaces with the local expertise and marketplace relationships needed to succeed. Attendance is limited to keep discussions focused and valuable. About WPIC Marketing + Technologies: WPIC Marketing + Technologies drives market expansion for global brands in China, Japan, South Korea, and Southeast Asia through strategic brand development, data analytics, e-commerce solutions, marketing, logistics, compliance, essential support services, and more. With over 400 full time professionals, WPIC has successfully deployed and grown over 650+ brands across APAC over the last 20 years.

Coupang reported Q2 2026 earnings showing consolidated revenue growth of 10% year-over-year in constant currency, an acceleration from Q1. The South Korean e-commerce company's performance aligned with previous guidance. Product commerce revenue grew 8% year-over-year in constant currency. CEO Bom Kim noted that the vast majority of customer spending remained stable and reached the highest levels in company history, with growth patterns similar to those before last year's data incident. Adjusted EBITDA margin fell within the company's guided range. The earnings call was led by founder and CEO Bom Kim and CFO Gaurav Anand, with Vice President of Investor Relations Michael Parker moderating. The company emphasised that whilst some customer groups showed divergent behaviour, its core customer base continued spending at record levels with consistent growth patterns.