11st Aims for Effortless Shopping... Establishing a 'Commerce Tech Chain'

Online Tech Conference Held
President Ha Hyung-il: "Leap to Version 2.0"
Based on Big Data and Artificial Intelligence

Kim Ji-seung, Chief Technology Officer (CTO) of 11st, is delivering the keynote speech. (Photo by 11st)

[Asia Economy Reporter Lim Chun-han] 11st announced on the 7th that it will hold an online tech conference, ‘11st Tech Talk 2022.’ The theme of this event is ‘Technology for Effortless Shopping.’ It will share various technologies and vivid experiences of 11st developers who have focused on minimizing customer effort at every stage of shopping.

On this day, Ha Hyung-il, CEO of 11st, stated in a welcome video, “11st is leaping forward as a completely different version 2.0.” The main strategies include ▲establishing a leading image in overseas direct purchase centered on Amazon Global Store ▲enhancing purchase experience and product competitiveness through direct purchase (shooting delivery) ▲strengthening fundamentals such as membership, search, and recommendation ▲discovering future growth industries and securing growth foundations.

Kim Ji-seung, Chief Technology Officer (CTO) of 11st, emphasized in his keynote speech, “Effortless shopping means that customers put in minimal effort close to zero at every stage of shopping,” adding, “It must be achieved in all service areas, not limited to one, including accurate demand forecasting, reasonable pricing, search optimization, personalized recommendations, easy payment, fast delivery, and convenient returns, exchanges, and refunds.” He also said, “To realize effortless shopping, we are focusing on building and advancing a commerce tech chain based on big data and artificial intelligence (AI).”

Regarding the commerce tech chain, he explained that it is a system where ▲accurate product information is recognized from product images or names ▲market trend analysis determines product trends and optimal selling prices ▲customer behavior is analyzed through services ▲search and recommendation algorithms learn (machine learning) ▲target marketing based on customer analysis are all interconnected and provided based on big data and AI.

11st possesses industry-leading big data analysis technology, including hundreds of millions of product information, data from tens of millions of accumulated selling and purchasing members, and payment-related data from SK Pay, a simple payment service with 18 million subscribers. It also has high-level technological capabilities in AI utilization such as machine learning and deep learning.

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