What is 11street? 11street Review

Basic Introduction

11street is an online shopping mall invested and built by SK Telecom of South Korea. It was established in 2008. The website sells a wide range of products, from infants and young children to adults, from clothing and cosmetics to electrical appliances and electronic audio-visual products.

The brands under 11street are all American street brands, including American street brands such as KNOW WAVE, RIPNDIP, LES(ART)ISTS, and BEENTRILL, as well as domestic trendy brands such as Stand By, Black and Blank, Screw Loose, LXVI, YE3NJO, Original X Youth, and Hypestuff.

Platform Introduction

Delivery mode: self-delivery

Payment cycle: remittance to the platform account within two working days after confirmation of receipt

Categories not allowed for sale: medicines/alcohol and tobacco/vision correction products/knives and guns/chemicals/drugs/wildlife/military uniforms and equipment/obscene materials

Sales restriction categories: Health products/food/cosmetics/pharmaceuticals/medical devices/broadcasting and communication equipment/game records and videos, etc. need to obtain relevant certification in Korea before they can be sold

Best-selling categories: Clothing, shoes and hats/electronic products/maternal and child products/household products/outdoor sports products

Entry conditions

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

2. Have a corporate USD collection account.

Advantages of Settlement

1. Platform handling fee: 7%-13% for all categories

2. Free of listing fees and store rent.

Required Information

1) Copy of business license;

2) Bank account certificate;

3) Copy of the legal representative’s passport.

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.

Shipping rules

1. The company provides an overseas shopping service whereby the company imports and sells overseas products or acts as an import agent, and overseas businesses that join as sellers in accordance with the company's prescribed procedures (hereinafter referred to as "global sellers"; membership is restricted for individuals residing overseas) register overseas brand products, and buyers order products from global distributors for overseas or domestic delivery/collection.

2. Sellers for overseas shopping on 11th Street are limited to global sellers

3. If the buyer wants to cancel after purchasing a product delivered directly overseas by a global seller, the cancellation can only be made during the order completion phase before the global seller receives the order. The characteristic of overseas delivery is that it is impossible to cancel the order while the product is being prepared.

4. In case of replacement or return due to product defects, etc., the seller shall produce relevant supporting documents or return application within 3 months from the date of receipt of the goods and within 30 days from the date of knowing or becoming aware of such fact. When confirming that it is the responsibility of the global seller, the return shipping and other expenses shall be borne by the global seller.

5. If the exchange/return is caused by the buyer's change of mind or other reasons, the round-trip shipping costs shall be borne by the buyer.

6.11. When shopping overseas, the prices of goods sold may include customs duties and additional taxes (hereinafter referred to as customs duties and additional taxes). Even for goods that do not include customs duties and additional taxes, customs duties and additional taxes may be levied later depending on the type of goods, price, purpose of purchase (for the purpose of domestic sales, etc.), etc. In this regard, you may also receive notifications from the Customs Department on the import declaration procedures and customs duties and additional taxes payment procedures.

7. According to the Customs Act, when acting as an import agent for global sellers in accordance with the Customs Act and other relevant laws and regulations, the company can collect the buyer's customs clearance information required by the sellers according to the commission of the global sellers when declaring imports on behalf of the sellers in accordance with Item 6.

8. Except as otherwise provided in this clause, this clause also applies to 11th Street Overseas Shopping.

Investment

In June 2018, South Korean mobile operator SK Telecom announced that it would invest US$449 million in its subsidiary's e-commerce platform 11Street Shopping Mall.

Development History

In February 2011, 11STREET Korean website was launched.

In November 2012, the 11STREET English website was launched.

In 2015, 11street launched iOS and Android versions of the app, quickly entering the Malaysian e-commerce market.

In December 2015, 11street officially launched its Chinese website, supporting payment methods such as Alipay and UnionPay, and providing services such as direct mail throughout the site. Optional logistics methods include EMS and SF.

In 2016, 11street partnered with Taiwanese e-commerce platform Uitox to introduce 200 elite brands from Taiwan, China, as well as products provided by 150,000 Taiwanese sellers.

In 2016, 11street, the most popular e-commerce platform in South Korea, launched a Thai version of the platform and mobile app, officially entering the Thai market. Following South Korea, Turkey, Indonesia and Malaysia, Thailand is 11street's fifth market in the world.

On October 31, 2016, Japan's Rakuten announced the official opening of its official flagship store on the Korean e-commerce platform 11street. The flagship store aims to provide Korean consumers with high-quality and popular Japanese products.

In November 2016, the number of unique visitors to 11Street’s PC website reached 11.3 million.

In March 2017, Korean e-commerce platform 11Street (also known as Korean Street in Korea) ranked among the top three most popular e-commerce websites in Korea, with visits to its PC website, Android application and Android mobile website exceeding 7 million respectively.

In September 2017, the 11STREET International Comprehensive Station was launched.

The transaction volume in 2017 was US$8.4 billion.

On November 11, 2018, the daily transaction volume reached 120 million US dollars, setting a new record for the transaction volume of South Korea's e-commerce platform.

In June 2019, 11street Malaysia announced its official rebranding to PrestoMall on June 18. The rebranding had been in the works for months, and the website even shared an infographic of the rebranding process so far.

References

• 1. How to register and open a store on 11 street in Korea? 11 street entry conditions and process: Sohu [reference date 2019-02-23T16:00:00.000Z]
• 2. Korean e-commerce 11street becomes popular in Malaysia: China Service Network [cited on 2015-06-01T16:00:00.000Z]