South Korea's 11th Street sales in the fourth quarter of 2020 increased by 15% year-on-year

As one of the top three e-commerce platforms in South Korea, 11Street is now open to Chinese sellers.

According to SK Telecom's fourth quarter 2020 results released on the 3rd, 11th Street 's sales and operating losses in the fourth quarter of last year were 152.2 billion won and 1.4 billion won, respectively . Compared with the same period last year, sales increased by 15% and operating losses decreased by 2.2 billion won.

Sales of 152.2 billion won in the fourth quarter of 2020 were the highest in two years for 11th Street since the fourth quarter of 2018. Compared with 19 , the operating loss was close to the break-even point ( BEP).

11th Street has increased its operating profit by tens of billions of won every year since its independence . As online shopping trends grow in Korea, 11th Street has achieved solid growth for two consecutive quarters ( Q3 and Q4 of 20) .

In 2020, 11th Street's annual sales were 545.6 billion won, an increase of 15.1 billion won from the previous year .

However, it should be noted that 11th Street had a slight operating loss of 9.8 billion won in 2020. In response, 11th Street stated that it will achieve double-digit transaction volume growth and BEP-level operating profit and loss in 2021. "

11th Street also said that in the new year, it will continue to expand cooperation with domestic and foreign sellers , strengthen life commerce based on real-time communication , improve the quality of delivery services such as same-day delivery , and continue to quickly settle sales proceeds to achieve a virtuous cycle of win-win cooperation with sellers .

Although the COVID-19 pandemic has led to rapid growth in e-commerce in South Korea, competition among major e-commerce platforms has also greatly intensified accordingly. Therefore, the platform's own competitiveness will determine whether it can survive in South Korea, a new e-commerce market.

As a result, 11 Street signed an equity participation agreement with international e-commerce giant Amazon in November last year to cooperate on the growth of the company's e-commerce business. It has to be said that 11 Street is worth looking forward to for all Korean sellers in the new year.

South Korea

11th Street

E-commerce platform