Korean e-marketplace 11street hits Malaysian shores with US$10mil warchest

  • Set to make debut in Malaysia in April, now open for seller registration
  • Celcom Planet-hosted 11street.my aims to bring 11,000 sellers on board
Korean e-marketplace 11street hits Malaysian shores with US$10mil warchest

SOUTH Korean-headquartered online marketplace 11street is set to launch its Malaysian marketplace in April, and said it will be investing US$10 million in its operations here this year.
The Malaysian site www.11street.my is now open for seller registration, it said in a statement.
Established in South Korea in 2008, 11street also has a presence in Turkey and Indonesia, and claims 22 million sellers serving over 40 million consumers worldwide, with an annual gross merchandise value of US$6 billion.
11street in Malaysia will be hosted by Celcom Planet, which was established last November as a joint venture between Celcom Axiata and SK Planet, the Korean e-commerce open marketplace provider and a wholly-owned subsidiary of SK Telecom.
Hoseok Kim, 11street’s chief executive officer in Malaysia, said the company intends to make significant effort and investment to encourage Malaysian sellers, including brick-and-mortar businesses, to get onto 11street.
“We wish to foster continued e-commerce growth and elevate the maturity of the industry by empowering more local offline businesses, particularly SMBs (small and medium businesses), to break through the traditional business model and explore the numerous opportunities in the online space,” he said.
Kim said that 11street will invest more than US$10 million this year in various seller development programmes, marketing and promotions to bring local sellers on board, and at the same time, to attract buyers to visit 11street.
“11street plans to invite at least 11,000 sellers on-board by 2015 to ensure the delivery of an enriched shopping experience, packed with a diverse range of products and services,” he added.
Korean e-marketplace 11street hits Malaysian shores with US$10mil warchestKim (pic) said that 11street has a hybrid e-commerce model which can support all types of sellers, including individual sellers, entrepreneurs, SMBs, retailers and service providers.
“Bolstered with expertise and knowhow gained through its worldwide ventures, 11street can empower online sellers as well as traditional brick-and-mortar businesses to maximise sales and succeed in e-commerce, which in turn will accelerate Malaysia’s online shopping market growth,” he claimed.
“11street is equipped with unique and sophisticated online merchandising tools to support the complete online business set-up. Our ‘Seller Zone’ will be the first e-commerce education centre and support facility in Malaysia to advocate e-commerce sellers, where e-commerce seminars and workshops will be given on a regular basis.
“The Seller Zone is among the most significant investments that 11street has put in to grow Malaysia’s e-commerce sector,” he added.
The company will also offer an integrated mobile interface and application upon 11street’s official launch, to support sellers in better managing their stocks, product marketing programmes and payment settlements.
The 11street seller office is now open for registration, with specials offer for those who register before April, including a waiver of store fees, 50% discount on transaction fees, complimentary use of Seller Zone facilities, promotion credits and product listing coupons.
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