11st, Q1 Sales 131.3 Billion KRW and Operating Loss 4 Billion KRW... "Strengthening Delivery and Live Commerce"

[Asia Economy Reporter Yuri Kim] 11st announced on the 11th that it recorded sales of 131.3 billion KRW in the first quarter of this year, an increase of 2 billion KRW compared to the same period last year.

11st explained, "We have continued the trend of quarterly sales growth compared to the previous year for three consecutive quarters," adding, "The cumulative sales for the last three quarters since the third quarter of last year increased by 31.6 billion KRW compared to the same period of the previous year."

Operating loss was 4 billion KRW, reducing the loss compared to the first quarter of last year (operating loss of 4.8 billion KRW). 11st stated, "Costs increased due to intensified e-commerce competition this year, strengthened marketing, and efforts to solidify the growth foundation of 11st at the beginning of the year."

11st has recently introduced enhanced delivery services compared to last year. Following the introduction of SSG.com dawn delivery in January, GS Fresh Mall dawn delivery was added in March. Last month, in cooperation with the post office, the 'Order Today, Arrive Tomorrow' service was launched, completing next-day delivery for orders placed before midnight.

11st also added that live commerce, which has been in full swing since the second half of last year, is expanding both quantitatively and qualitatively. Since March, targeting the MZ generation, various new segments with entertainment elements were introduced, resulting in a sixfold increase in viewers of the 'Live11' broadcasts in March compared to the previous month. Transaction volume during broadcast hours also increased by more than 24%.

11st announced that it aims to achieve double-digit transaction growth and operating profit near the break-even point (BEP) this year. To this end, 11st plans to continuously pursue ▲expanding partnerships with domestic and international businesses ▲strengthening live commerce based on real-time communication ▲improving delivery service quality such as same-day delivery ▲maintaining fast settlement of sales proceeds ▲emphasizing win-win cooperation and virtuous cycle effects with sellers.

Lee Sang-ho, president of 11st, said, "The year 2021 will be a year when 11st reaps the fruits of what we have prepared for our customers," adding, "We will showcase 11st’s unique shopping experience through the full-scale introduction of live commerce, expansion of gifting services needed in the contactless era, and faster delivery services through cooperation with competitive businesses."

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