11st, Social Enterprise Specialty Store 'Popular'... Surpasses 220,000 Cumulative Payments
40% Increase in Number of Sellers, Double the Number of Products
[Asia Economy Reporter Lim Chunhan] 11st announced on the 15th that its social enterprise product specialty store, ‘SOVAC Market,’ has steadily gained popularity, surpassing 220,000 cumulative paying customers.
11st opened the SOVAC Market, a social enterprise product specialty store, last July in collaboration with SK Group’s social enterprise Happiness Narae. Currently, over 340 social enterprises, preliminary social enterprises, and social venture companies are registered as sellers, offering products related to value consumption.
The cumulative transaction amount through SOVAC Market has reached 12 billion KRW to date, and the transaction amount in the second quarter of this year doubled compared to the previous quarter. In particular, the number of purchasing customers in their 20s and 30s increased by 23% from January to August this year compared to the same period last year. The number of registered sellers increased by about 40%, from approximately 230 at the market’s launch last year to over 340, and the number of products sold doubled from about 120,000 to 240,000.
To commemorate the hosting of Social Value Connect (SOVAC), the largest private social value platform in Korea, 11st will hold a special event from the 19th to the 25th, offering a 30% discount on 240 products within SOVAC Market. From the 19th to the 18th of next month, a Gyeongbuk Village Enterprise special exhibition will introduce mainly food products from 12 village enterprises in the Gyeongbuk region.
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An 11st official said, “Over the past year, many customers have empathized with the values pursued by social enterprises through SOVAC Market and participated in ethical consumption together. We plan to continue focusing on discovering various social enterprises that need online sales activation and fostering mutual growth together.”
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