Korean marketplace to launch in Malaysia
Feb 9, 2015
The company will invest more than RM35 million (US$10 million) to drive seller participation and aims to have 11,000 sellers on board by launch date. The site will be at 11street.my.
11street’s Malaysia CEO Hoseok Kim says the company wants the new site to become Malaysia’s largest online marketplace.
Established in Korea in 2008, 11street now has online marketplaces in Turkey and Indonesia as well as in its home market and boasted a combined network of 22 million sellers, serving 40 million consumers. Shoppers spend $6 billion annually on its sites.
“The online shopping paradise 11street in Malaysia is the company’s commitment to deliver local consumers a trustable and convenient e-commerce platform where they can shop for a variety of products across a broad range of categories available at anytime, anywhere,” said Kim.
“To deliver greater satisfaction and a more rewarding online shopping experience, it will be the first online marketplace in Malaysia that promotes not only physical products but also deal offerings such as e-vouchers under a single platform.”
Kim said the company’s $10 million investment would aim to encourage Malaysian sellers – including bricks and mortar businesses – to join 11street.
“We wish to foster continued eCommerce growth and elevate the maturity of the industry by empowering more local offline businesses particularly SMBs to break-through the traditional business model and explore the numerous eCommerce opportunities in the online space.”
Kim said that unlike other existing eCommerce websites, 11street has a hybrid eCommerce model whereby its ecosystem can support all types of sellers, including individual sellers, e-entrepreneurs, SMBs, retailers and service providers.
“Bolstered with expertise and know-hows gained through its worldwide ventures, 11street can empower the online sellers as well as traditional brick and mortar businesses to maximise sales and succeed in eCommerce – which in turn will accelerate Malaysia’s online shopping market growth.
“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 eCommerce education centre and support facility in Malaysia to advocate eCommerce sellers, where seminars and workshops will be given on a regular basis.
“Seller Zone is among the most significant investments that 11street has put in to grow the Malaysia’s eCommerce sector,” said Kim.
“In response to the mobility trends, we will also offer an integrated mobile interface and application upon 11 street’s official launch to support sellers in better managing their stocks, product marketing programs, payment settlements; and offer the analytics capability to help them retain customers with improved online shopping experience.”
As part of an early bird promotion to attract sellers prior to April, 11street will offer free stores, 50 per cent discount on transaction fees, complimentary use of Seller Zone facilities, promotion credits and product listing coupons. sellers who register before April 2015.
“11street’s merchandising approach has a proven track record given that its worldwide ventures have grown remarkably well over the past few years. Against such backdrop, similar approach will be adopted to help Malaysian online sellers to excel in today’s increasingly competitive market.”
11streeet in Malaysia will be hosted by Celcom Planet, established in November 2014 as a joint venture between Celcom Axiata Berhad and SK Planet – a leading Korean eCommerce open marketplace provider, which is also a wholly-owned subsidiary of mobile operator- SK Telecom.