11st, Open Market Achieves 12 Consecutive Months of Operating Profit Surplus... 23 Billion KRW Improvement

Customer-Oriented Services Such as Super-Discounts and Free Memberships Hit the Mark

11st announced on the 20th that it has achieved operating profit in the open market sector, its core business, for 12 consecutive months since March last year.

11st Shooting Delivery. Provided by 11st

During this period, the operating profit of the open market sector improved by more than 23 billion KRW compared to the same period last year. The company explained that quickly introducing services that customers need in the rapidly changing e-commerce market was effective.

11st is strengthening its super-discount sales strategy to attract and drive customer purchases in the era of high inflation. After launching the '10-Minute Rush' service, which offers super-discount sales for 10 minutes daily, in September last year, it has consecutively introduced shopping corners such as '60-Minute Rush' and 'One Day Big Deal' this year. The '10-Minute Rush' has recently surpassed 400,000 cumulative customers, and 40% of the products sold recorded transaction amounts exceeding 10 million KRW.

The free membership service 'Family Plus,' which allows up to five people to combine as a 'family' to enjoy point accumulation benefits, was also launched in November last year and has rapidly expanded its customer base, recently surpassing 600,000 registered members. As of last month, the repurchase rate of Family Plus members increased by more than 60% compared to non-members, and the average purchase amount per customer rose by nearly 50%.

Vertical services, which played an important role in improving the open market sector's performance last year, are also maintaining stable growth. The food vertical services, including 11st's first vertical service 'Sinsun Bapsang (fresh food)' and 'Gampyeon Bapsang (convenience food)' launched last year, saw a 20% increase in payment transaction amounts last month compared to the same period last year.

An 11st official said, "Along with steady efforts to improve our structure such as reducing fixed costs, we are creating a solid profit flow in our core business by leveraging 11st's uniquely designed differentiated services for customers. While securing steady growth in the open market sector, we will achieve an overall EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) profit turnaround this year through strengthening internal efficiency such as cost optimization."