SEOUL - Baedal Minjok, commonly known as Baemin, announced plans to raise its commission fee for restaurants utilizing its delivery services to 9.8% from 6.8%, starting next month.
According to Yonhap News Agency, this adjustment aims to place the company on equal footing with its competitors, Coupang Eats and GS Retail Co.'s Yogiyo app, which currently charge 12.5% and 9.8% respectively. Baemin, operated by Woowa Brothers Corp., dominates approximately 60% of South Korea's food delivery market, a sector bolstered by the country's high smartphone usage and dense urban population. This market leadership position is challenged by the presence of significant competitors like Yogiyo and Coupang Eats. The commission adjustment follows the 2019 acquisition of Woowa Brothers by German company Delivery Hero, which now holds a 99.07% stake in the company.