11st, Open Market Posts Profit in Q2... Four Consecutive Months of Profit Streak

Cumulative EBITDA in the First Half Also Positive
Growth in Vertical and Specialty Sections Drives Performance Improvement
New Services Including Home Tab Enhancements Planned for Second Half

11st announced on the 18th that it achieved operating profit in the open market sector for four consecutive months this year (March to June) and also recorded a positive cumulative EBITDA for the first half of the year.

According to 11st, the company improved cumulative operating profit in the open market business by more than 12 billion KRW compared to the same period last year in the first half of this year. Not only in the open market but also the overall operating profit of 11st improved by more than 20 billion KRW during the same period.

11st CI. [Image provided by 11st]

11st explained that the growth of vertical services and specialized sections, which have been strengthened since last year, led to the improvement in performance. Expanding sales in strategic categories such as food, fashion, and beauty, enhancing price competitiveness through the 'Dynamic Pricing (DP)' system, and attracting customers with participatory content also played a key role.

11st's food vertical services, including the fresh food specialty section 'Sinsun Bapsang' launched in February last year and the ready meal specialty section 'Ganpyeon Bapsang' introduced in January this year, recorded an average monthly payment transaction amount of 10 billion KRW in the first half of this year. The average monthly payment transaction amount for the cost-effective product specialty section '9900 Won Shop' also increased more than threefold (233%) compared to the fourth quarter of last year when the service started.

The Dynamic Pricing (DP) system also began to show results. 11st implemented a dynamic pricing system with proprietary technology that continuously tracks real-time changing product prices to secure the lowest market price. Through this system, the payment transaction amount over the recent two months (May to June) increased 4.6 times (357%) compared to the same period last year.

11st plans to continue introducing various new services in the second half of the year to achieve an annual operating profit turnaround in the open market. First, it will completely revamp the 'Home Tab,' the first screen of the mobile app, within the year. Through this revamp, more products will be featured on the main mobile screen. Additionally, targeted customized services providing benefits segmented by customers such as university students and the 2030 generation are also being prepared.

Seung Eun Ahn, CEO of 11st, said, "We have laid the foundation to create continuous profits by enhancing fundamental competitiveness through differentiated services targeting customer needs and efficient marketing operations. In the second half of the year, we will push forward new services aimed at sustainable growth and profitability enhancement to respond to the fierce market competition and ensure an annual operating profit in the open market business."

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