11st, '2020 Sibiljeol' Daily Transaction Amount Surpasses 200 Billion Won

[Asia Economy Reporter Seungjin Lee] 11st achieved a daily transaction amount of 200 billion KRW.

11st announced on the 12th that it recorded a transaction amount of 201.8 billion KRW in just one day during the main event '2020 11st Festival' held on the 11th.

This is more than a 37% increase compared to the daily transaction amount of 147 billion KRW on November 11, 2019, with sales exceeding 140 million KRW per minute. The number of purchasing customers on the 11th was 1.14 million, with an average purchase amount per customer of 177,000 KRW, about 34% higher than the 2019 11st. At 11 a.m. on the 11th, the transaction amount exceeded 15 billion KRW in one hour, setting a new record for the highest hourly transaction amount in 11st's history. The number of products sold in one day was 4.99 million, also a 16% increase from last year.

A total of 264 time deals were held throughout the day on the 11th, and with continuous sell-outs from the start, more than 300,000 products were sold in one day. The most popular products from the cumulative period of the 1st to the 11th were the Samsung Galaxy Note20 and Note20 Ultra (ranked 1st in transaction amount, about 4.6 billion KRW) and VIPS 15,000 KRW discount coupons (ranked 1st in sales volume, about 86,000 units).

The diverse live broadcasts conducted through ‘Live11’ during the 11st Festival also received great responses. On the 11th, 11st held a total of 42 live broadcasts, including 12 consecutive broadcasts, creating a festive shopping atmosphere with more than 140,000 viewers watching the live broadcasts. The ‘Visible 11st’ broadcast on the 11th, which included 11st benefit announcements, surprise sales, and prize events, recorded 22,000 viewers, 52,000 chats, and 90,000 likes during its one-hour broadcast.

Lee Sang-ho, CEO of 11st, said, “November 11th 11st has once again proven its confidence as Korea’s unrivaled representative shopping festival,” and added, “We thank the customers who joined the joyful and exciting shopping festival with 11st and the sellers who passionately participated in the largest-scale promotion ever.”

Local Farm Sellers Also Participated in 11st

Additionally, during the 11st Festival, 11st prepared a special exhibition for small and medium-sized merchants through the ‘Value Companion Project,’ which was prominently exposed on the main 11st promotion page. As customer interest was high, small and medium-sized merchants had more sales opportunities. About 800 small and medium-sized merchants participated in this exhibition, which saw more than double the usual traffic and an average daily transaction amount increase of about 66% during the 11st special period.

Moreover, 11st joined local farm sellers who faced many difficulties due to the COVID-19 pandemic this year. During the 11st Festival, live broadcasts of local agricultural products were conducted and featured on the 11st home tab, focusing customer attention. On the 6th, Jeju Nonghyup’s tangerines recorded a transaction amount of 60 million KRW in one day, and on the 7th, Chungju C-Shop, which sold Chungju specialties, recorded 37 million KRW in one hour of live broadcasting and 98 million KRW in one day.

11st plans to continue supporting the sales activation of small and medium-sized merchants and local farms through various win-win exhibitions, including the Korea Sale Festa event running until the 15th and throughout the year-end.

Providing a Customized 11st Environment

During the 11st Festival, 11st expanded the ‘11st Fast Settlement’ rate from 70% to 90% for sellers who shipped orders on the same day with ‘Today’s Shipping.’ As a result, the number of orders shipped on the same day during the 11st period more than doubled compared to the daily average.

11st explained, “By expanding fast settlement, 11st customers can receive their shopping products faster, and sellers can have more operating funds through increased fast settlement amounts, creating a virtuous cycle that allows quick response to the November shopping boom.”

Since the 11st Festival is a nonstop shopping festival lasting 11 days, 11st anticipated the demand from customers who prefer shopping comfortably at home on PC and completed a revamp that brought the user environment of the preferred mobile app to the PC version. 11st’s prediction was correct. After the PC revamp in August, the average daily PC transaction amount increased about 5 to 6 times compared to before, and during the 11st Festival from November 1 to 11, it increased about 17 times compared to last year.

Meanwhile, 11st is running the ‘11st After Party’ promotion until the 30th to continue the November shopping festival atmosphere. All customers receive a 2,000 KRW cart coupon, VIP members get additional coupons, and customers who confirm purchases made during the 11st Festival can enter daily events to win up to 3,000 SK Pay points.

This content was produced with the assistance of AI translation services.