Korean e-commerce giant Coupang said Monday it will raise its membership fee for existing members from 4,990 won ($3.60) to 7,890 won starting Aug. 7, prompting mixed expectations about the impact of the fee hike.

This move follows Coupang’s decision to increase its membership fees for new members to the same price of 7,890 won starting on April 13.

Coupang counted approximately 14 million members as of last year, more than double the 6 million in 2020 when it launched the membership service.

If the current members remain subscribed, revenue from membership fees is expected to increase from 838.8 billion won to 1.32 trillion won annually.

The rosy outlook has affected Coupang’s market value positively in recent months. The New York-listed stock rose past $20 per share in April after languishing at $14.20 in February. It has remained above the $20 range since, closing at $21.67 on Friday.

Industry officials are closely watching how Coupang's new membership policy will affect its local rivals, including Naver Shopping and SSG.com, which have been lowering membership rates and offering hefty incentives to lure new members.

“In a saturated market, platform operators are trying to attract new customers even at the cost of some additional expenses,” an industry official who wished to remain unnamed said.