11st, SOVAC Market Transaction Volume Surpasses 12 Billion Won

Social Enterprise Product Pavilion, 270,000 Value Consumers
Seller Activities Nearly Triple Increase

11st, 'SOVAC Market' (Photo by 11st)

[Asia Economy Reporter Yuri Kim] 11st announced on the 30th that the cumulative payment transaction amount of the only social enterprise product specialty store in the e-commerce industry, 'SOVAC (Social Value Connect) Market,' has exceeded 12 billion KRW this year.

SOVAC Market is a social enterprise product specialty store opened in July last year through collaboration between 11st and SK Group's social enterprise 'Haengboknarae.' Social economy enterprises such as social enterprises, cooperatives, village enterprises, and social ventures participate as sellers, offering a variety of products aimed at social value.

As the 'meaning out' trend, where consumers express their beliefs and values through consumption, spreads, a total of 270,000 customers participated in value consumption at SOVAC Market this year.

Currently, there are about 640 sellers active in SOVAC Market, nearly tripling (178%) compared to the early days of its opening last year. 11st explained that by providing a purchasing environment where customers can easily practice 'good shopping' through live broadcasts linked with SOVAC Market and 'LIVE11,' as well as planned promotions in collaboration with government agencies, active participation from sellers and customers has been achieved.

Baek Changdon, head of external cooperation at 11st, said, "The participation and interest of customers who sympathize with the purpose of SOVAC Market to realize social value through shopping are steadily increasing," adding, "We will continue to discover products from social economy enterprises struggling with online business operations and sales in cooperation with Haengboknarae and strengthen ESG (Environmental, Social, and Governance) management."

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