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Company Profile
04 Interview with the CEO
07 Vision & Mission
08 History
09 Awards
Business Overview
12 The Best Online Marketplace
13 Core Competencies
14 Service Strategies
15 Shopping Festival
16 Other Services
Core Values
18 Technology
20 Trust
22 Hope
03
Company ProfileGrowing into a leading global commerce portal
Ushering in a new era of e-commerce in Korea
Established in 2008, 11Street has grown tremendously to become Korea’s leading
online marketplace, boasting 34 million members. After spinning off from SK Planet
in 2018, the company vowed to become a world-leading commerce portal that is
fully trusted by customers. 11Street Co., Ltd. is now ready to open a new chapter in
Korea’s e-commerce industry.
04
Interview with the CEOIn this rapidly evolving e-commerce market, 11Street Co., Ltd. is taking its business to the next level.
The new CEO, Lee Sang-ho, presented his vision and business strategy in an exclusive interview.
Q111Street Co., Ltd. was established after it split from SK Planet in 2018 to stand alone as
an independent business. This move marked a new start for us to simplify 11Street’s business
portfolio to focus more on its e-commerce business. It was a decision in swift response
to rapidly evolving market developments so as to ensure a sustainable growth platform.
Rebranded as 11Street Co., Ltd., the company aims to grow into a leading commerce portal.
To that end, its business activities will be centered on the online marketplace, global.11st.
co.kr, while exploring new business areas through constant reinforcement of product
competitiveness, technology innovation, and service improvements. In essence, the new
mission of becoming a leading commerce portal represents our commitment to transforming
into a shopping gateway, offering everything related to shopping, from shopping tips and
product searches to making easy and convenient purchases. After successfully attracting a
KRW 500 billion investment fund in June 2018, we have steadily been gaining momentum in our
efforts to become a top commerce portal operator internationally.
11Street Co., Ltd. was established in September 2018. What was the reason for this, and what do you mean by “becoming a full-service commerce portal” in the new mission statement?
Company Profile 11Street Co., Ltd.
05
2008 2009 2010 2011 2012 2013 2014 2015 2016 20182017
(in 10,000 persons)11Street Membership
Q2The launch of the 11Street service drew mixed market responses back in 2008.
Although expectations were high at the nation’s largest mobile carrier’s advance into the
online marketplace service, there were some concerns over the possibilities of a late starter. It
seemed like a radical decision, with a lot at stake. Still, the company surpassed its competitors
with differentiated services in the e-commerce business. Even amid fierce competition and an
economic slowdown, the company started preparing for the mobile commerce era ahead of
other companies. As a result, 11Street established itself as the leader in the mobile commerce
market when the number of its mobile unique visitors (UV) topped the industry in the first
quarter of 2019, according to Nielsen Koreanclick, a Korean media research specialist. Thus,
11Street is well prepared to carry on with the success it has seen over the past decade, and into
the coming years. Having grown from a fast follower to the first mover toward a new market
paradigm, 11Street is well equipped for further growth. At this time, I would like to ask for your
ongoing support of 11Street and our mission as we continue on our journey of growth and
overcoming challenges.
11Street has achieved phenomenal growth since its launch in 2008. Today, it is Korea’s leading online shopping mall. What have you accomplished, and where do you see your company going in the future?
2,670
3,400
400
1,5001,700
1,000
1,8602,000 2,130
2,3002,600
Company Profile Business Overview Core Values
06
Q3Guided by the goal of becoming a top global commerce portal that is trusted by
customers, 11Street Co., Ltd. will achieve both growth and profitability. We will also evolve into a
future-oriented commerce service provider to take the lead in Korea’s e-commerce market. We
have four strategies in place to achieve this goal.
First, we will reinforce our business fundamentals by improving the user interface and user
experience, as well as our search platform.
Second, we will further enhance our platform competitiveness to achieve the nation’s top
e-commerce traffic. Business models will be differentiated by product category and will be
expanded into digital contents and intangible services.
Third, we plan on increasing technology-based innovation by tapping into the advanced
technologies of the affiliates of the SK Group, one of Korea's largest conglomerates. Their
advanced technology and business know-how in personalized recommendations, advanced
search engines, artificial intelligence, augmented reality, and virtual reality will collectively
contribute to technology-based innovation in our commerce services.
Finally, we will generate synergies with SK Group affiliates. Through numerous partnerships, the
wide variety of SK affiliates’ assets and service platforms—including a mobile operating service,
IPTV, and digital music services—will enable an even greater customer experience at 11Street.
11Street Co., Ltd. has diversified its strategies in order to grow beyond a mere open marketplace so as to become a global commerce portal. Can you discuss your future business plans?
Upgrading UI/UX & Search platforms
Differentiated services through diverse and expanded business models
Technological innovation
Synergies with SK Group affiliates
Company Profile 11Street Co., Ltd.
07
07
Vision & Mission11Street Co., Ltd.’s vision and mission will serve as the stepping stone
for creating a better future for online shoppers. As a company trusted both by customers (buyers and sellers) and society as a whole,
we aim to become a top global commerce portal that not only increases customer satisfaction, but contributes to higher benefits to consumers.
Vision
Mission
Contributing to higher benefits to consumers and increasing customer (buyers and sellers) satisfaction
Becoming the No. 1 most trusted commerce portal
11Street Co., Ltd. envisions a shopping gateway which sells products to the world for
everything that people need. We will offer one-stop solutions that provide quick and
easy search functions for anything you are looking for, as well as selling tangible and
intangible products and services. Evolving into a leading commerce portal that offers
the very best services to both sellers and buyers, we are extremely proud to contribute
to higher benefits to consumers and social development.
Company Profile Business Overview Core Values
08
HistoryWhat 11Street has achieved represents the growth of Korean open marketplaces
and how far e-commerce innovation has come throughout the country. Moving beyond being Korea’s top open marketplace, our next step forward will be to become a commerce portal that serves people around the world.
Company Profile 11Street Co., Ltd.
Nov. 2007Formation of a subsidiary by SK Telecom called Commerce Planet Co. to serve as the operator of the 11Street service
Feb. 2008Launch of the 11Street open marketplace service
June-Sep. 2008
Initiation of a seller authentication system and forgery compensation system
Feb.-Aug. 2009
Launch of three customer services (full exchange warranty within 30 days, 110% best price guarantee, and free exchange & refund programs)
Apr. 2010Opening of Mobile 11Street service
July 2011
Official online shopping mall sponsor to the Expo 2012 Yeosu Korea
Feb. 2016Integration of SK Planet and Commerce Planet Co.
July 2016
Renewal of 11Street’s brand identity
Aug. 2016
New opening of 11Street’s Seller Zone
Sep. 2017
Launch of the Global 11Street website, now available in Korean, English, and Chinese
Sep. 201811Street Co., Ltd. established
Nov. 2018
Record-high merchandise volume for the 11Street Festival Day(Nov. 11)
Feb. 2019
Launch of a new promotion called the Monthly 11Street Festival Day
July 2012Launch of a worldwide delivery service
Dec. 2012The first Korean open marketplace to top the country’s four customer satisfaction surveys (NCSI, KS-SQI, KCSI, and KS-WCI)
Jan. 2014
Launch of Shocking Deal, a curated commerce promotion
Nov. 2014
11Street Festival Day, and established as an annual event
Apr. 2015
Launch of Syrup Pay Service (now SK Pay)
2007 - 2011 2012 - 2015 2016 - 2019
09
Awards11Street has made tireless efforts to enhance customer satisfaction and
to further contribute to the open marketplace industry.Our hard work has earned us a number of awards and accolades both in Korea and overseas.
No. 1 in the Korea Standard Service
Quality Index’s (KS-SQI) e-commerce
sector for the 12th consecutive year
2008~2019
No. 1 in the Korea Standard Contact
Service Quality Index’s (KS-CQI) open
for two years in a row
2018~2019
Commendation from the Minister
of Trade, Industry, and Energy for
contribution to the promotion of
mutual growth and collaboration within
the distribution industry
2017
Winner in the corporate identity
category at the iF Communication
Design Awards
2017
No. 1 in the Korea Customer Satisfaction
Index’s (KCSI) open marketplace sector
for the 11th straight year
2009~2019
No.1 in the Korea Standard Well-Being
& Environment Index's (KS-WEI) open
marketplace sector for 11 straight years
2009~2019
Presidential Prize Winner in the Service
Innovation category at the Korea Retail
Business Awards, hosted by the Korean
Chamber of Commerce and Industry, Inc.
(KCCI) and Maeil Business News Korea
2016
Winner in the
Red Dot Design Award’s
brand identity category
2017
No. 1 in the Korea’s Most Admired
Companies Awards open marketplace
category for four consecutive years
2016~2019
No. 1 in the Korea Brand Power
Index’s (K-BPI) open
for a second year
2018~2019
No. 1 in the National Brand
Competitiveness Index’s (NBCI) open
marketplace sector
2012~2016, 2018
Company Profile Business Overview Core Values
12
The Best Online Marketplace
13
Core Competencies
14
Service Strategies
15
Shopping Festival
16
Other Services
11
Business OverviewGrowing beyond the most advanced open marketplace,
we are taking bold, innovative steps to become a full-service commerce portal
that serves the world with everything, both tangible and intangible.
11Street has now grown into Korea’s most advanced open marketplace,
delivering top products to buyers and boundless opportunities to sellers.
Today, our sights are set on expanding the open marketplace. The changes we
have initiated and our innovation drives are aimed at becoming a full-service
commerce portal that offers everything in the world, tangible and intangible,
from products to services, information and content.
12
11Street entered the e-commerce business in February 2008 as a homegrown online
marketplace. Since then, the company has achieved remarkable growth, taking the lead in the
open marketplace industry. Customers can purchase quality products online and through their
mobile devices with our established platform at competitive prices. Our consistent innovation
in service and technology has successfully enabled us to provide our customers, both sellers
and buyers, with industry-leading services. 11Street has always been at the forefront of various
innovative marketing and promotion activities, including point mileage programs such as SK
Pay Point and OK Cashbag, which gave excellent bargains to consumers and led to the sale of
more than 90 million products and services to sellers, from small venders and brand makers to
department stores and wholesale markets.
The Best Online MarketplaceKorea's Leading Open Marketplace
Business Overview 11Street Co., Ltd.
13
11Street is the first online marketplace that has adopted several systems to ensure
safe and secure transactions. Our four compensation programs—the forgery 110% refund,
110% best price guarantee, deferred delivery compensation, and a 30-day full-exchange
policy—compensate our customers for any inconvenience or damages in the process of their
transactions on our platform. Our customer care center and sellers’ service center are on
standby around the clock to serve our customers—both buyers and sellers—at the highest level
of convenience. In addition, the seller authentication program helps enhance the credibility
of our sales partners. Today, 11Street has proprietary technologies from AI-based commerce
searches and big data-based customized recommendations, offering customers a more
optimized shopping experience.
Core CompetenciesSystems and Technologies that Boost Trust and Benefits
Company Profile Business Overview Core Values
14
11Street envisions itself as an innovative commerce portal, a site where a wide variety
of shopping—whether purchasing tangible/intangible goods, or searching for information and
sharing content—can take place. Eventually, our platform will serve countless goods, from
digital content such as music and films to other services like rental services and insurance
policies. Through partnerships and 11Street’s in-house developed brands, we will augment
our content base with a vast database of useful shopping tips and reviews. Our one-stop
solutions will cover all procedures, from purchases through product searches to payments on
our platform. These changes and innovations are all directed to our single vision of becoming a
leading commerce portal that is trusted by all customers, whether sellers or buyers.
Service StrategiesDriven to Become a Full-Service Commerce Portal
Business Overview 11Street Co., Ltd.
15
Since its launch in 2008, every November is a festival @11Street. The 11Street Festival Day is celebrated
on the 11th day of November, when the number 1 occurs four times in the date (11/11), and is thus designated as
the festival day that comes with the most generous benefits for customers.
Just like Alibaba’s Singles’ Day Global Shopping Festival and Amazon’s Black Friday, 11Street Festival Day has
become one of the biggest sales events in Korea. In fact, the day’s merchandise volume in 2018 surpassed the
previous year’s record for the second year in a row. The 11Street Festival Day event has set 11Street apart from
its competitors’ November shopping events. Starting in February 2019, 11Street expanded the festival to a
monthly event, promoting special shopping offers under unique themes on the 11th of every month—all without
compromising the scale of the original annual event. Today, 11Street’s shopping festival days are expanding
their scope beyond special shopping offers to include the entire online shopping business ecosystem, offering
special themes for customers to take advantage of online.
Unveiled in June 2019, the company’s new brand slogan, Every Day Is the 11Street Festival Day, speaks volumes
about 11Street’s commitment to delivering the greatest joy of shopping to its customers on a daily basis.
Shopping FestivalEvery Day Is a Festival Day @11Street!
Company Profile Business Overview Core Values
16Business Overview 11Street Co., Ltd.
Through SK Pay, 11Street Co., Ltd. offers a quick payment service available at all
merchant stores after signing up through a quick and easy process. SK Pay covers not only
11Street online shopping malls, but also all SK affiliate online services, such as T World Online/
Direct, T Map Taxi, and SK Telecom’s branch offices. Users can also pay with SK Pay service at
offline merchants, including convenience stores (CU, 7-Eleven) and bakeries (Paris Baguette),
and other brick-and-mortar T Membership merchant stores. In addition, SK Pay service
is compatible with mobile financial services like Toss and Finnq, as well as money transfer
services, credit/debit card payments, and mobile phone settlement systems. Furthermore,
11Street Co., Ltd. was the first Korean company to launch a mobile gift certificate service
called Gifticon and Scinic, a high-end skincare brand available at reasonable prices, offering
customers with unique products and services.
Other ServicesUnique Services with Special Offers
17
Core ValuesOur innovative technologies and highly trusted programs
make shopping a pleasant and convenient experience,
while our initiatives to bring about a better society make the world a better place.
Ensuring that shopping is a more pleasant and convenient experience, and making
the world a better place that is healthier for all. These two commitments are the
overarching values that 11Street Co., Ltd. pursues on a daily basis. That is why
we continue with innovative technology R&D efforts and pursue increased trust
among customers. While delivering hope to every part of society, 11Street works
hard to grow alongside customers and society as a whole.
18Core Values11Street Co., Ltd.
Technology that is changing today’s shopping paradigm
Convenience that leads to satisfaction
11Street Co., Ltd. channels its technology R&D resources into developing search algorithms and
recommendation techniques that better understand customer preferences and innovate online shopping tools.
By making use of AI and big data analysis technologies, we will bring about a “zero effort commerce”
initiative that minimizes any potential hassle at every stage of the shopping process.
Technology
19
Search Algorithms that
Better Understand Customer Preferences
11Street’s advanced search engine technology improves the convenience and shortened duration of searching for and purchasing products. The technology allows for differentiated search results, facilitating easy and precise search results that are personalized to customers of different ages and genders. It is especially instrumental when trying to find the right gifts for anyone in your life.
At 11Street, search results are not just listed. Instead, our search engine provides personalized results according to the main topics and/or types of inquiries. For instance, when you search for household electronics or computers, the more information you have, the better the decision you can make. The search results from these categories are shown along with product specifications and customer reviews, which often prove critical to purchase decisions.
Our advanced language process technology analyzes the review database to track down significant review phrases, which are then processed as product information. Our technology provides the optimum search results for complex inquiries, including semantic expressions, such as “serums or moisturizers that smell very good” or “smudge-free mascara,” bringing customer-friendly experiences at offline shopping malls online.
Our real-time monitoring system for queries is initiated when visitors fail to find the right product on our platform to quickly secure the item they want through speedy cooperation with merchandisers. Assisting customers in finding preferred products and ensuring the very best shopping experience comes before everything at 11Street. Furthermore, 11Street is working towards a one-stop shopping platform that also provides more specialized reviews and lifestyle content relevant to a customer’s search.
AI-based Real-time
Personalized Recommendations
With the aim to become a commerce portal that serves every individual taste, 11Street leverages its AI technology to offer real-time personalized recommendations. The personalized pages show the lists of products that customers of similar taste have purchased, products with high relevance to individual purchase histories, and product view histories.
11Street’s service pages optimize the same recommendation algorithm that Amazon and Netflix are using to our own database and customers’ preferences. Recommended services include “Recommended for You” and “Products That Others Also Checked.” In addition, the technology personalizes the exposure and sorting order of product categories, as well as menu tabs, according to individual favors.
Sophisticated Image Analysis Technology
11Street commands highly competitive technology in relation to Deep Learning technology-based image analysis. When searching for a certain fashion item that may not be able to be expressed through words, for example, 11Street’s search engine can track down a similar product through the site’s Image-based Search tool. You can either upload a photo and then search for the product you want, or use the Style Finder tool to find products of a similar style that are registered with 11Street.
Our advanced Deep Learning technology-based image analysis techniques not only find a similar image of products, but also categorize products that are of the same style. Furthermore, it can automatically cluster the same products posted by different sellers to list in the search result, minimizing any customer inconvenience and expediting searches for various products.
Image analysis technology is applied differently on the 11Street platform, too. Our clean image recognition technology helps sellers post the very best images of their products, while our product categorizing technology can revise mistakes in categorizing products when sellers post their products for sale.
Company Profile Business Overview Core Values
20Core Values11Street Co., Ltd.
Becoming Even More Trustworthy
Growing a Sound Business Environment
Mutual trust-based credibility between buyers and sellers
is essential to transactions on open marketplaces.
11Street has carried out diversified and practical marketing campaigns
built firmly on trust since its inception,
thereby contributing to a sound and spirited commerce ecosystem.
Trust
21
Compensation Policies
11Street was the first Korean online marketplace to adopt several generous compensation policies for our customers. From the very beginning, we made a concerted effort to effectively address the shortcomings of open marketplaces, which in the past usually revolved around low credibility, customer inconvenience, and damages to products.
First of all, 11Street offers 110% refund—10% in OK Cashbag mileage points plus a full refund of the purchase amount—in cases when any product purchased from our partner sellers’ brands turns out to be a forgery.
Secondly, our 110% Best Price Guarantee program offers shoppers 110 percent of the price difference if they find an item for less on a competitor’s website.
Thirdly, some select items come with deferred delivery compensation. If purchases do not arrive within three days from the day of payment, we offer coupons in compensation from the fourth day of the delay.
Finally, we provide compensation for damaged goods—even if it is as a result of a customer’s mistake—within 30 days of purchase by paying for all repairs or through coupons matching the amount of the purchase, as well as extra OK Cashbag DOTUM mileage points.
Round-the-Clock Service Centers
11Street is the first Korean open marketplace to provide customer care service 24/7 every day of the year. While other customer care centers have office hours from 9 a.m. to 6 p.m., we care for shoppers around the clock. In addition, 11Street was the first company in the industry to adopt a sellers’ service center to assist vendors at any time.
Seller Authentication
11Street was the first Korean online marketplace to adopt a seller authentication system that protects consumer rights and also prevents black market forgeries. We are dedicated to protecting consumer rights by creating a business environment where fraudulent vendors cannot sell items on our site. The seller authentication program prohibits any vendor that has previously been suspected of any illegal practices such as forgeries or scams in direct transactions from further sale activities on our website, allowing us to further enhance the credibility of open marketplaces.
Company Profile Business Overview Core Values
Trust Marketing: Four Compensation Programs
110% 110% 3day 30day Forgery 110%
Refund
110% compensation for forgery items
110%
Best Price Guarantee
110% offer for any price difference
Deferred Delivery
Compensation
Compensation made through 11Street coupons
Full Exchange
Policy
Compensation for damaged goods as a result
of a customer’s mistake
22Core Values11Street Co., Ltd.
Delivering Hope
Contributing to a Better Society
11Street Co., Ltd. practices several social value creation activities to
deliver hope to people and to invigorate society as a whole.
Today, we continue to grow alongside society
by caring for those in need and providing hope to them.
Hope
23
11Street Shopping for Hope
Established in 2013, the 11Street Shopping for Hope campaign is our signature social contribution program, where both sellers and shop-pers can make a difference. Shoppers can join the worthy cause by searching for any product that sellers have designated “Hope” items, with a portion of all sales revenue transferred to the Hope Fund. The fund is spent to help job seekers, children from low-income families, and single-mother families.
In 2017, we were the first e-commerce business to address young peo-ple’s concerns. Since then, money raised through our Hope Fund has focused on their issues, such as unemployment and housing issues. This effort has received a very positive response from young people in finan-cial distress. Starting in 2019, we also entered into an agreement with a social welfare group called The Snail of Love, which sponsors surgical operations for children with hearing impairment.
Going forward, 11Street Co., Ltd. will further develop the 11Street Shop-ping for Hope campaign in support of customer participation in value-cre-ation activities. Our efforts to give back to society through value-oriented consumption practices will continue to generate shared social value and eventually contribute to the development of society at large.
The 11Street& Brand
11Street Co., Ltd. established a joint brand called 11Street& with manu-facturing partners in May 2017. It is part of our commitment to discov-ering and fostering competitive SMEs and to pursuing mutual growth along with SME manufacturers. The 11Street& brand began with furniture, and has since expanded the scope of products to bedding and other living necessities. To date, we have introduced 14 joint brand products with 13 partners.
11Street& identifies highly competitive products from SME manufactur-ers, many of whom often run into obstacles when trying to find the right online distribution channels. We are also introducing these same SME manufacturers to market with differentiated “hit products.” Our expe-rienced merchandisers are involved from the beginning of a product’s planning stages to reflect the latest market trends in product develop-ment, thereby enhancing their competitiveness with reduced costs. As a result, our partner manufacturers have seen their sales significantly grow through this initiative.
11Street Co., Ltd. will continue to seek more partnerships with com-petitive SME manufacturers to introduce innovative products to the market while growing alongside them.
11Street Seller Zone
The 11Street Seller Zone is a free education center for 11Street’s seller partners, an incubator of open marketplace startups. Established in February 2008, the seller education service has graduated 130,000 trainees in total over the past 10 years.
On top of that, 11Street’s Seller Zone began an Open Marketplace Startup School in 2016. It was the first of its kind to focus and nurture small-scale community startups. In fact, 89 percent of trainees have become 11Street seller partners. Specifically, the Open Marketplace Startup School selects trainees with different specialties each year to offer them with tailored intensive training courses, thus assisting them in competency-building practices. In our selection of trainees, no discrimination is tolerated. Regardless of age or gender or job ex-perience backgrounds, we accept both young and elderly first-time vendors, as well as women who are reentering the workforce and fe-male marriage migrants.
The Open Marketplace Startup School’s curriculum includes both theory and practice courses so that sellers can secure and sell quality products at competitive prices. The curriculum consists of market & trend analysis, item selection, photo shoots/editing, item registration, and sales know-how. This all helps trainees gain a solid grasp of the e-commerce ecosystem.
11Street’s Seller Zone will continue to develop trend-leading quality programs to foster competitive sellers. In support of people who as-pire to enter the open marketplace system, we will grow with them, side by side, to complete a sound e-commerce ecosystem.
Company Profile Business Overview Core Values
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 20192018(May)
(in persons)Total Number of Seller Zone Trainees by Year
20,000
0
40,000
60,000
80,000
100,000
140,000
130,000
120,000
135,342
11Street works in concert with partners. 11Street& products have a special focus on buyer and seller needs. Available exclusively on the 11Street website.
11Street Co., Ltd. (04637) Seoul Square, 416, Hangang-daero, Jung-gu, Seoul, Korea
T. +82-2-6119-0011
www.11stcorp.com
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