Small Business Online-Only Section Opens on '11st', 'eSeoulSarangsap#' Launches... 30% Commission Reduction

From the 20th, 1.76 million products from over 66,000 companies in the exclusive hall will be on permanent discount sale
30% commission reduction eases burden on small business owners... Customized seller training and online store support provided

[Asia Economy Reporter Lim Cheol-young] The Seoul Small Business Online Exclusive Store will be launched on the online shopping mall ‘11st’. The sales commission has been reduced by more than 30% compared to the existing rate, significantly lowering the burden on small business owners. Payments can be made using the online Seoul Love Gift Certificate, which offers a 5% discount, and consumers can purchase high-quality products at affordable prices with additional discounts of up to 10% per product on 11st.

On the 16th, the Seoul Metropolitan Government announced that it signed a public-private partnership with 11st and will start operating the small business exclusive store ‘eSeoulLoveShop#’ within the 11st shopping mall from the 20th. The core goal is to provide comprehensive support?from market development and sales commission reductions to operational assistance?so that small business owners can enter the online market stably and build self-sustainability.

According to the ‘Domestic Payment Trends’ announced by the Bank of Korea in the first half of this year, non-face-to-face consumption based on internet and mobile platforms increased significantly from 33% in the second quarter of 2019 to 41% in the same quarter this year due to the impact of COVID-19 and other factors.

The small business exclusive store ‘eSeoulLoveShop#’ to be operated this time is expected to sell 1.76 million products from about 66,000 companies. To help small business owners enter the online market early, the sales commission has been reduced by 30% compared to the existing rate, and customized live commerce (seller) training is provided free of charge to help tenants build self-sustainability and sell stably online, thereby enhancing digital competitiveness.

There are many benefits for consumers as well. When paying with the eSeoulLove Gift Certificate (5% discount) at ‘eSeoulLoveShop#’, consumers can receive an additional discount of up to 10% per product on 11st. The ‘eSeoulLove Gift Certificates’ usable at ‘eSeoulLoveShop#’ will be issued in a total amount of 35.6 billion KRW, distributed by district starting from the 20th. To celebrate the opening, an event will also be held where 10% of the payment amount will be paid back in gift certificates, up to a maximum of 20,000 KRW per person per month on a first-come, first-served basis.

Han Young-hee, Director of Labor, Fairness, and Coexistence Policy at the Seoul Metropolitan Government, said, “The exclusive store eSeoulLoveShop#, opened in partnership with Korea’s leading online shopping platform 11st to help small business owners enter the online shopping market stably, is a convenient shopping mall where you can buy high-quality small business products all in one place.” She added, “It provides a win-win effect by helping increase small business sales and allowing consumers to purchase products at discounted prices.”

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