Naver Plus Store gains momentum after Coupang data breach

Screenshots of Naver Plus Store / Courtesy of Naver

By Lee Gyu-lee

• Published Jan 13, 2026 3:05 PM KST

Spillover traffic, delivery upgrades drive transaction gains, fuel optimism for Q4 results

Naver Plus Store is emerging as a key beneficiary of Coupang’s massive data breach, with rising consumer unease fueling a sharp increase in traffic and transactions on the e-commerce platform.

The momentum, amplified by year-end shopping demand, has lifted expectations for solid fourth-quarter earnings at Naver.

Naver’s fourth-quarter revenue for 2025 is projected to rise about 13 percent from a year earlier, while its commerce division is expected to grow even faster, posting a 37 percent year-on-year jump driven by higher transaction volumes and increased commission rates.

As Coupang grapples with public backlash over its handling of a massive data breach, Naver has positioned itself as a credible alternative, attracting shoppers with faster delivery options and an expanded range of services.

According to industry tracker IGAWorks, Naver Plus Store’s monthly active users climbed more than 11 percent in December compared to the previous month, surpassing 6.3 million. Shopping traffic on the platform jumped over 20 percent in a single week in early December, while transaction counts rose by a similar margin.

The e-commerce platform’s same-day delivery service, Naver Delivery, reported a 76 percent year-on-year increase in transaction value and an 85 percent rise in order volume in December.

Kurly N Mart, a collaborative service with fresh food delivery platform Kurly, posted more than double the transaction value in December compared with the previous month, helping Naver strengthen its foothold in grocery e-commerce, an area traditionally dominated by Coupang.

Membership expansion is also emerging as a major earnings lever. Naver Plus Membership, priced at 4,900 won per month, has been seeing continuous growth in its subscriber base and a series of collaborations including Netflix and Spotify. Annual membership revenue is projected to be about 230 billion won to 240 billion won for 2025, marking a steady climb from 195.2 billion won a year earlier.

“(The increase in Coupang rivals’ traffic) suggests that consumers are actively seeking alternatives for fast delivery service,” an analyst at LS Securities explained. “The key question going forward is whether this trend will evolve beyond a short-term traffic boost into a medium to long-term customer lock-in effect.”

However, it is still too early to conclude that the fallout over the Coupang data breach has led to a definitive shift in the e-commerce landscape. Despite a decline in daily active users following the hacking incident in November, Coupang has since rebounded in app installations, reaching a yearly peak in December. The company saw a return to the 15 million daily user range this month, suggesting that consumer loyalty remains strong.

A Naver official also cautioned against attributing recent gains solely to blowback against Coupang.

“The Coupang issue began around November, but that period also coincided with major promotions and a seasonal increase in online shopping,” the official said. “Because multiple factors overlapped, it is difficult to single out Coupang as the sole reason behind the increases on our platform.”

The official noted that Naver’s focus on strengthening delivery and user benefits has been part of a long-term strategy.

“Delivery may have been an area where we were perceived as weak, but we significantly upgraded our delivery services this year,” the official said.

“Expanding membership benefits through partnerships such as Spotify and Lotte Mart has also been part of broader efforts to continuously enhance user convenience in commerce.”