An Jung-eun, CEO of 11st, "Safe Settlement Service to be Expanded This Month"

Decision for Sellers Affected by Payment Delay Crisis
"Pursuing Mutual Growth Based on Trust"

11st has decided to expand the 'Safe Settlement' service within this month to support small business sellers who have been struggling since the 'Timon-Wemakeprice (Timon·Wemakeprice) Settlement Delay Incident.' Safe Settlement is a service that pays 70% of the settlement amount the day after delivery is completed and the remaining 30% after the customer confirms the purchase.

On the 3rd, Ahn Jung-eun, CEO of 11st, announced this through a CEO letter to sellers on 11st, stating, "We will continue to pursue co-growth with sellers based on trust, including expanding Safe Settlement shopping." CEO Ahn emphasized, "11st has operated a 'Fast Settlement' service that settles 100% the day after shipment completion," and added, "We safely manage funds through the top domestic financial institutions."

Ahn Jung-eun, CEO of 11st.
[Photo by 11st]

Last month, 11st introduced the Safe Settlement service, which advances the settlement schedule by about 7 days compared to the usual settlement, targeting small business sellers who participated in the 'Monthly 11th Day Sale.' To continue supporting small business sellers, 11st plans to implement the Safe Settlement service additionally from the 11th and expand the eligible targets. CEO Ahn explained, "11st organized a special exhibition for good sellers after the industry-wide settlement delay incident," and added, "We are helping sellers overcome the crisis by holding meetings with affected sellers to discuss advertising support and sales activation plans."

Previously, 11st announced various measures, including marketing cost support worth up to 2.1 million KRW for sellers who suffered from unsettled payments. Through this CEO letter, 11st revealed plans to coexist with existing sellers and overcome the crisis in the e-commerce market. CEO Ahn said, "We will become the best cooperative partner that many sellers trusting SK Group’s 11st can rely on."

Additionally, 11st is introducing services such as '11Kitties' and 'Sibiltto,' which allow customers to enjoy shopping across various categories through games. Along with vertical services like 'Fresh Table,' '#OOTD,' and 'OOAH,' 11st continues efforts to meet customer demand through '9,900 Won Shop' and 'Refurbly.' CEO Ahn stated, "As a result of these efforts, 11st’s open market division has recorded operating profit for five consecutive months, maintaining stable growth," and added, "We will continue to do our best to provide sellers with a stable and sustainable platform."