Coexistence with Sellers... 11st's Fast Settlement Service

Settlement within 2-3 days after order payment
Number of same-day delivery products increased to 14 million

[Asia Economy Reporter Cha Min-young] 11st has applied a fast settlement service to sellers offering ‘Same-Day Shipping,’ resulting in the number of same-day delivery products increasing to 14 million.

11st announced on the 21st that since launching the ‘Fast Settlement’ service on the 5th, the number of ‘Same-Day Shipping’ products shipped on the day of order has increased by 1 million to reach 14 million. Over the past two weeks, more than 1.4 billion KRW has been paid via fast settlement to approximately 11,000 sellers. The settlement volume in the second week increased by more than 46% compared to the first week.

11st’s fast settlement service is designed for sellers who provide quick delivery services by shipping orders on the same day. Customers receive settlements within 2 to 3 days after placing and paying for an order, which is about 7 days earlier than the regular settlement schedule.

Since the sales amount from same-day shipping is settled quickly, sellers can process order volumes faster and also strengthen their shipping services. The number of products shipped on the same day even when ordered after 3 PM on 11st is about 5.4 million, an increase of approximately 13.5% compared to before the introduction of fast settlement.

As shipping after ordering has become faster, the delivery speed to customers has naturally improved. The number of products on 11st that take more than 7 days from order to delivery completion has decreased to about 1% of the total.

Lee Sang-ho, CEO of 11st, stated, “11st provides the fastest settlement in the industry without any fees and has experienced voluntary service improvements from sellers through this. Ultimately, for e-commerce to offer sustainable services, it must evolve into a win-win platform that satisfies both buyers and sellers.”