11st Luxury Vertical 'OOAh luxe'
Fast Settlement Service for Sellers Facing Delayed Payments
70% of Settlement Paid the Day After Delivery Completion
Remaining 30% Paid the Day After Purchase Confirmation
SK Square subsidiary 11st announced on the 14th that it will provide the '11st Safe Settlement' service, which supports fast settlements for sellers facing difficulties due to delayed settlements by luxury vertical companies.
11st Safe Settlement is a fast settlement service that pays 70% of the settlement amount the day after delivery is completed, and the remaining 30% the day after the customer confirms the purchase. It was first introduced last August to support small business owners who experienced settlement delays in the e-commerce industry. Sellers can receive a significant portion of the sales proceeds as early as 2-3 days after the customer’s payment, accelerating the settlement date by about 7 days compared to the standard settlement.
11st will prioritize applying '11st Safe Settlement' to sellers registered as domestic businesses who are experiencing settlement delays among those listed on the luxury vertical service 'OOAh luxe.' Fast settlement will be supported up to KRW 10 million per day for imported luxury category products among the registered items of these sellers. The service will also be expanded to sellers with delayed settlements who wish to join OOAh luxe.
Additionally, 11st plans to carry out comprehensive support activities to revitalize product sales for sellers with delayed settlements. Products will be exposed in high customer attention sales corners such as 'Focus,' 'Emergency Supply,' and 'Time Deal,' and additional 11st Shinhan Card discount benefits will be applied.
From today until the 20th, a special event called 'Luxury Fashion OOAh Week' will be held to strengthen product exposure for these sellers. Over 400 popular luxury items will be carefully selected and offered at discounted prices, including popular sneakers from 'On Running' and 'Oatry,' 2025 new bags from 'Tod's' and 'Longchamp,' and spring/summer season clothing from 'Burberry' and 'Stone Island.' During the event, a 7% discount (up to KRW 200,000) will be provided when paying with a Shinhan Card on event products.
Shin Hyun-ho, head of Fashion, Beauty & Global at 11st, said, "Through communication with luxury vertical sellers experiencing settlement delays, we confirmed their needs for fast settlements and product exposure within 11st. We hope that the introduction of 11st Safe Settlement and other support policies will help sellers maintain smooth cash flow."
Meanwhile, since its launch in 2008, 11st has settled 100% of payments within 2 business days after customer purchase confirmation for all sellers. In October 2020, it became the first in the e-commerce industry to introduce and operate the free '11st Fast Settlement' service, which pays 100% of the settlement amount the day after the courier receives the products from excellent sellers.
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