What is 11th Street? 11th Street Review

1. About 11th Street

11 Street is Korea's leading online trading platform that is creating a new shopping model.

11Street is a global shopping website service provided by 11Street Co., Ltd., a representative shopping website company in Korea.

11 Street is leading the development trend of the future e-commerce era in the changes and innovations of online e-commerce, and is committed to providing sellers and buyers with a fast, convenient and innovative shopping experience.

In order to provide a better shopping experience, the 11th Street International Comprehensive Station system serving global customers has been upgraded and put into operation, providing customers from all over the world with the most convenient Korean shopping shortcut (Best Way to K-Shopping), leading the cross-border e-commerce Korean shopping trend.

2. What are the advantages of 11Street’s platform?

1. 11street's convenient and simple user experience and diverse payment methods are very attractive to users. It is reported that 11street has reached a partnership with 2C2P and Line Pay; in terms of logistics, it is also in talks with Kerry Express and other logistics companies.

2. 11Street Campus provides a place for merchants to learn and communicate. Currently, there are 11Street Campus branches in Thailand, and plans to add 6 more next year, including 4 in Bangkok.

3. 11street believes that Thailand's e-commerce market still has a lot of room for growth. Currently, Thailand's online sales channels only account for 1% of the entire retail market, about 90 billion baht; while in South Korea, this proportion is as high as 15%, worth about 100 billion baht.

3. How to open a store on 11Street

11Street Entry Requirements:

1) Legal and compliant Hong Kong, Macao and Taiwan enterprises/overseas enterprises/Chinese enterprises;

2) Have a corporate USD collection account.

Advantages of 11Street:

1) Platform fee: 12% for all categories

2) Free of listing fees and store rentals.

11Street Required Information:

1) Copy of business license;

2) Bank account certificate;

3) Copy of the legal representative’s passport.

11Street account opening process description:

1) Provide the materials required for account opening;

2) Submit an account opening application;

3) 11th Street Review;

4) The account will be opened successfully after 7-10 working days.

4. What are the payment rules of 11 Street?

For purchased orders, settlement will be made according to the following standards:

① After the purchaser clicks the confirmation button on the service screen or the purchase is automatically confirmed, the Company may deduct the service fee from the sales amount within 2 days (excluding Saturdays and statutory holidays) and remit the remaining amount after deducting the amount owed to the Company and other debts to the sales member. However, if the purchaser settles the payment by credit card, the Company may retain the remittance for up to 60 days to confirm the transaction details of suspected fraudulent transactions using false registration or false sales registration, or credit card settlement systems. In this case, if the sales member provides the Company with proof of transaction facts related to the sale of the goods, the Company will process the remittance after confirmation.

② If the Buyer does not indicate whether to confirm the purchase, exchange or return the product during the purchase confirmation period, it will be deemed that the Buyer intends to confirm the purchase, and the Company may automatically confirm the purchase on the next business day.

③ The Company notifies sales members of sales amounts, additional settlement amounts, deductions, and settlement amounts through sales member tools.

④ The seller should specify the remittance method when shipping. If the transfer method is chosen, in principle, the depositor of the designated transfer account and the seller should be the same person.

5. Development History of 11th Street

2018Mar Strategic alliance with China JD.com

2017Sep 11STREET International Comprehensive Station is launched

The original English and Chinese sites have been comprehensively revised and upgraded to provide a comprehensive e-commerce shopping platform for global customers, allowing customers to simultaneously enjoy the massive products, preferential activities and system services of the 11STREET Korean site

2016Apr The logistics center in Icheon City, Gyeonggi Province, South Korea was put into operation

2015Dec Chinese 11STREET service launched

Serving Chinese customers, providing a customer-centric Korean shopping platform

2012Oct 11STREET English website launched

Serving overseas regions outside of Korea, providing English language services and global delivery services

2010Feb 11STREET Korean website launched