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Korea's 11street invests US$10M to draw Malaysian sellers online

AvantiKumar | Feb. 23, 2015
11street Malaysia CEO Hoseok Kim said the Malaysian online marketplace is targeting 11,000 seller registrations in 2015.

Hoseok Kim, CEO of 11street, Malaysia 

Photo - Hoseok Kim, CEO of 11street, Malaysia.

 

Korean e-commerce provider listreet is investing RM35 [US$9.74] million to attract 11,000 seller registrations to its Malaysian counterpart 11street in 2015.

11street Malaysia chief executive officer Hoseok Kim said the Malaysian version of 11street will be open to consumers in April this year, adding that the company was open to take seller registrations now. "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."

"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," said Kim.

He said the company will "make significant effort and investment to encourage Malaysian sellers including the brick and mortar businesses boarding onto 11street."

Kim confirmed that more than RM35 million will be invested during 2015 "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 in order to accelerate our online sellers' reach to consumers."

"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 ecommerce opportunities in the online space," he said.

 Investment will increase

"Nonetheless, the total investment to drive sellers' participation will increase especially when the number of sellers register to 11street exceeds our expectation," said Kim.

"Unlike other existing e-commerce websites, 11street has a hybrid e-commerce model whereby its ecosystem can support all types of sellers, including individual sellers, e-entrepreneurs, SMBs, retailers and service providers," he said.

"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 e-commerce. - which in turn will accelerate Malaysia's online shopping market growth," Kim said,

"[In addition,] 11street is equipped with unique and sophisticated online merchandizing tools to support the complete online business set-up," he said. "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. 'Seller Zone' is among the most significant investments that 11street has put in to grow the Malaysia's e-commerce sector."

"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," said Kim.

"The 11street Malaysia (listreetdotmy) seller office is now open for registration," he said. "Exclusive commercial benefits such as no store fee, 50 per cent discount on transaction fee, complimentary use of Seller Zone facilities, promotion credits and product listing coupons, will be given as part of the early-bird promotion package for new sellers who register before April 2015."

Established in Korea in 2008, 11street, which also has presence in Turkey and Indonesia, lists 22 million sellers serving more than 40 million consumers worldwide with annual gross merchandise value of RM19.8 [US$5.1] billion.

 

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