What is momo.com's biggest risk?

The main risk is margin and share erosion from two directions at once: Shopee (Sea Ltd) has closed the Taiwan value-share gap to about 20% against momo's 21% as of end 2025, while Coupang's fast-delivery push squeezes momo's margins from another angle. Our July 2026 assessment found this pressure to be moderate relative to other companies in its category, not yet severe but building.

Is momo.com in financial trouble?

Not by the numbers, but growth has been uneven. FY2025 consolidated revenue fell about 3.46% year over year to NT$108.67B after FY2024 revenue had grown 3.04% to NT$112.56B, marking momo's first multi-year revenue dip in years as of the July 2026 assessment. June 2026 revenue rose 6.5% year over year to NT$9.82B, a sign of recovery that has not yet been confirmed over multiple quarters.

Who are momo.com's biggest competitors?

Shopee (Sea Ltd) is the closest rival, holding about 20% of Taiwan e-commerce value share as of end 2025 against momo's roughly 21%, and it is growing GMV quickly. Coupang is also pressuring momo through fast-delivery expansion, while local player PChome Online trails well behind and posted a net loss in 2024, unlike momo which stayed profitable.

Is momo.com at risk from AI?

As of the July 2026 assessment, no AI shopping agent or AI-native rival has been identified as eating into momo's business. The more concrete pressure comes from established competitors Shopee and Coupang rather than AI-driven disruption, so momo's AI threat status is listed as not applicable for now.

Is momo.com losing market share to Shopee?

The gap is narrow but has been closing: momo held about 21% of Taiwan e-commerce value share at end 2025 compared with Shopee's roughly 20%, a lead the source card describes as protection under test. This is one of the two watch items flagged for 2026, specifically whether momo keeps the number one spot through the end of the year.

Does momo.com have a durable competitive edge?

Momo's owned delivery network combined with its TV shopping and e-commerce hybrid model gives it logistics scale that smaller local rivals like PChome Online cannot match. That said, our July 2026 assessment found the edge is real but not overwhelming against larger regional players like Shopee and Coupang, who are closing the gap on value share and delivery speed respectively.

E-commerce and marketplaces · subsidiary of Fubon Group / Taiwan Mobile Co. · Taiwan

momo.com (Fubon Media Tech)

momoshop.com.tw ↗

Fubon-owned online shopping and TV-shopping leader in Taiwan.

Losing its protection

Assessed 30 July 2026 · Evidence as of 30 July 2026

The structural protection is eroding.

On the recordSince 30 July 2026 · Checkable from November 2026 · Every call on the record Checkpoint: Q3 2026 earnings report, testing whether Q2's revenue recovery holds against Coupang's expansion

The call

Momo still leads Taiwan e-commerce by a thin margin, but shrinking revenue and Coupang's delivery push are chipping at that lead every quarter.

Momo.com is a mature online shopping company in Taiwan that owns its own delivery trucks, warehouses, and even a TV channel, which helps it survive but does not guarantee good returns for investors. Coupang, a much better-funded South Korean rival, has already launched faster delivery and a membership program in Taiwan and is visibly taking customers away from momo, whose sales fell for the first time in 2025 and whose profit margins are razor-thin at around 9%. The real question is whether momo can regain momentum in the coming months or whether Coupang's speed advantage will keep pulling customers away permanently.

Why

AI pressure: None apparent. No AI shopping agent targets momo directly; it runs its own Retail Media Ads unit off first-party shopper data instead. Could AI do the core job? Unlikely.

Bigger players: Coupang Taiwan (rapid delivery, WOW membership). Coupang's fast delivery and membership perks have narrowed momo's e-commerce lead to about one share point, 21% versus 20%. Could a giant copy it? Probably.

What protects it. Owned logistics, a live TV shopping channel, and ties to Fubon's banking and insurance customer base keep shoppers inside momo's ecosystem.

What would change this call

momo's monthly YoY revenue growth rate for Q3 2026 (July-September) versus the 1.3%-6.5% range seen in April-June 2026. shows whether momo's recent revenue recovery is holding or fading against Coupang's expansion.
Euromonitor or similar market-share reports for Taiwan e-commerce in 2026, checking if Coupang crosses into low-double-digit share. shows whether Coupang's rapid-delivery push is converting into durable share gains against momo's 21%.
momo's gross margin in Q3 2026 earnings versus the 9.1% reported for FY2025, after its July 2026 driver hiring drive. shows whether rising logistics labor costs are compressing margins as parcel volume grows.

Key numbers

FY2025 revenue NT$108.67B, down 3.5% YoY (2026-04-17)
FY2025 gross margin 9.1%, net profit NT$2.99B (2026-04-17)
Taiwan e-commerce share: momo 21%, Shopee 20% (2026-07-10)

Named risks

FY2025 marked momo's first-ever annual revenue decline, down 3.5% YoY. Severity: high
Thin gross margin of about 9.1% leaves little buffer against price competition. Severity: medium
Coupang Taiwan's rapid-delivery expansion is actively eroding momo's market share lead. Severity: high
Nearly doubled parcel volumes are forcing logistics hiring that could compress margins further. Severity: medium
Phishing scams impersonating momo e-invoice prize notices reported circulating in Taiwan, Feb 2026. Severity: low

Rivals, as read in July 2026

Rival	Direction	Evidence
Coupang Taiwan	gaining on	Euromonitor (2026-07-10) says Coupang accelerates via rapid delivery while momo defends top spot
Shopee Taiwan	contesting	Shopee holds 20% Taiwan e-commerce share vs momo's 21% and about 52 million monthly users, 2025 data
PChome Online	gaining on	Industry interview (2026-06-18) says PChome recently acquired by a local competitor, unconfirmed

Questions people ask

What is momo.com's biggest risk?: The main risk is margin and share erosion from two directions at once: Shopee (Sea Ltd) has closed the Taiwan value-share gap to about 20% against momo's 21% as of end 2025, while Coupang's fast-delivery push squeezes momo's margins from another angle. Our July 2026 assessment found this pressure to be moderate relative to other companies in its category, not yet severe but building.
Is momo.com in financial trouble?: Not by the numbers, but growth has been uneven. FY2025 consolidated revenue fell about 3.46% year over year to NT$108.67B after FY2024 revenue had grown 3.04% to NT$112.56B, marking momo's first multi-year revenue dip in years as of the July 2026 assessment. June 2026 revenue rose 6.5% year over year to NT$9.82B, a sign of recovery that has not yet been confirmed over multiple quarters.
Who are momo.com's biggest competitors?: Shopee (Sea Ltd) is the closest rival, holding about 20% of Taiwan e-commerce value share as of end 2025 against momo's roughly 21%, and it is growing GMV quickly. Coupang is also pressuring momo through fast-delivery expansion, while local player PChome Online trails well behind and posted a net loss in 2024, unlike momo which stayed profitable.
Is momo.com at risk from AI?: As of the July 2026 assessment, no AI shopping agent or AI-native rival has been identified as eating into momo's business. The more concrete pressure comes from established competitors Shopee and Coupang rather than AI-driven disruption, so momo's AI threat status is listed as not applicable for now.
Is momo.com losing market share to Shopee?: The gap is narrow but has been closing: momo held about 21% of Taiwan e-commerce value share at end 2025 compared with Shopee's roughly 20%, a lead the source card describes as protection under test. This is one of the two watch items flagged for 2026, specifically whether momo keeps the number one spot through the end of the year.
Does momo.com have a durable competitive edge?: Momo's owned delivery network combined with its TV shopping and e-commerce hybrid model gives it logistics scale that smaller local rivals like PChome Online cannot match. That said, our July 2026 assessment found the edge is real but not overwhelming against larger regional players like Shopee and Coupang, who are closing the gap on value share and delivery speed respectively.

Timeline

2026-07-30Fusheng Logistics hires 100 more drivers as parcel volume nearly doubles year over year
2026-07-23June 2026 revenue reported at NT$9.82 billion, up 6.5% year over year
2026-07-10Euromonitor reports momo at 21% Taiwan e-commerce share versus Shopee's 20%
2026-05-01Q1 2026 revenue NT$26.59 billion; core GMV up 5.3% year over year, 3P marketplace double-digit growth
2026-04-17FY2025 results: revenue NT$108.67 billion, down 3.5% year over year, first annual decline
2026-01-209M2025 results: revenue NT$76.99 billion, net profit down 11.7% year over year
2024-11-20Opens southern distribution center in Sinshih District, Tainan
2023-11Breaks ground on automated logistics center in Hemei, Changhua County
2014-12Begins trading on Taiwan Stock Exchange under ticker 8454
2004-09-27momo.com Inc. is founded

Head to head

momo.com (Fubon Media Tech) vs PChome Online

Revision history

30 July 2026

First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.

In the same band

Wayfair Meituan Shein Group