SK Square’s subsidiary 11Street announced on the 20th that it recorded an operating profit surplus in its core business, the open market (an online marketplace connecting sellers and buyers), last month.
11Street has maintained an operating profit surplus for 12 consecutive months since March of last year. During this period, the operating profit improved by more than 23 billion won compared to the same period last year.
Focusing on customer demand, quickly introducing products and services has been effective, according to 11Street.
In response to the era of high inflation, 11Street is strengthening its ultra-discount sales strategy. The ’10-minute rush,' where ultra-low-priced items are sold for 10 minutes each day, has surpassed 400,000 cumulative purchasing customers. Forty percent of the sold items recorded a transaction amount of over 10 million won.
The free membership service ‘Family Plus,’ which offers point accumulation benefits when purchasing together with up to five family members, secured 600,000 registered customers just four months after its launch in November last year. The repurchase rate and purchase amount of Family Plus members were more than 60% and 50% higher, respectively, compared to non-members.
The vertical services, which played a key role in improving the open market’s performance, continue to show stable growth. In particular, specialized food services such as Fresh Table (fresh) and Easy Table (processed) saw a 20% increase in payment amounts last month compared to the same month last year.
An official from 11Street noted, “Through steady restructuring and differentiated services, we are creating a solid profit flow in our core business, and at the same time, we aim to strengthen our internal capacity through cost efficiency to achieve a positive operating profit (EBITDA) this year in the institutional sector.”