Video Purchase Review Up... Sangho Lee, 11th Street CEO, "Leading a New Paradigm"

Kkukkkuk Reviews Surpass 220,000

[Asia Economy Reporter Cha Min-young] 11st, which has adopted a differentiated strategy as a 'commerce portal,' is creating a video-centered shopping platform and bringing changes to the e-commerce ecosystem.

11st announced on the 3rd that the number of video reviews registered on its video purchase review service 'Kkukkkuk' has exceeded 220,000. In May alone, the number of newly registered videos reached 50,000. It shows useful information that is difficult to capture in photos from the customer's perspective, such as the cooking process of easy-to-cook foods or actual usage scenes of pet products.

When a product has video reviews, the page views (PV) of that product's page surge. When there is one video review, the average PV is 7,300, and for products with five reviews, the average PV is 74,000, more than 10 times higher. The university student reviewers called 'Kkuru,' recruited in March, also contributed. Kkuru, who are skilled in video production through social media and one-person broadcasting, posted videos that served as a catalyst.

In this way, 11st is strengthening video-centered services from ordering to purchase reviews according to its 'commerce portal' strategy. For example, the key deal products exposed on the homepage's first screen 'Home Tab' play the product's representative image in video form. Among e-commerce companies, only 11st provides a video-based home screen. The payment transaction amount through the Home Tab has increased by more than 20% monthly compared to before the introduction of videos.

Since February, 11st has also continued 'Beauty Live Broadcasts' with famous brands. In broadcasts conducted with brands such as 'Chosungah Beauty,' 'Etude,' 'IOPE,' and 'Hera,' the daily transaction amount surged from at least 5 times to as much as 20 times the daily average. 11st plans to build a live platform capable of real-time broadcasting within the year.

Lee Sang-ho, CEO of 11st, said, "11st has built a video platform that is not inferior even when compared to portal services or video services," and added, "While e-commerce has competed with similar price-centered services so far, 11st will lead a new paradigm with confidence as the number one in video services related to shopping."