<article><a href="http://www.11st.co.kr/html/main.html">11street</a>, which ranks among Korea&#8217;s largest market places, will be investing MYR 35 million ($10 million) in its Malaysian website to encourage local seller participation &#8211; to get an edge over other e-commerce players already present in the market.</article>

<a href="http://www.11st.co.kr/html/main.html">11street</a>, which ranks among Korea&#8217;s largest market places, will be investing MYR 35 million ($10 million) in its Malaysian website to encourage local seller participation &#8211; to get an edge over other e-commerce players already present in the market.
11street, which is already present in Turkey and Indonesia, has just launched in Malaysia, where the website will go live in April, this year.
Its chief executive for Malaysia, Hoseok Kim said the local version will promote both physical products and deal offerings such as e-vouchers, which the company claims is a first in the Muslim country.
The funds, he said in a statement, will be used to run “various seller development programs, marketing and promotions” not only to reach out to online sellers, but to recruit brick and mortar businesses.
In Malaysia, the ecommerce business is a joint venture between its parent company SK Planet Ltd and local telco <a href="http://www.celcom.com.my/personal">Celcom Axiata Bhd</a>.
11street has 22 million sellers serving over 40 million consumers worldwide, and boasts an annual gross merchandise value (GMV) of $6 billion, although this is a mere fraction of Rakuten’s domestic ecommerce GMV of US$15.1 billion in 2013. (GMV refers to the total number of transactions made in a year.)
11street will have to battle existing competition in the crowded Malaysian ecommerce space where <a href="http://www.rakuten.com.my/">Rakuten</a>, <a href="http://www.qoo10.my/">Qoo10</a>, <a href="http://www.lazada.com.my/">Lazada</a>, <a href="http://www.lelong.com.my/">Lelong</a>, <a href="http://www.ensogo.com.my/">Ensogo</a> and <a href="http://www.shopper.com.my/">Shoppr</a> already are already present.
“We wish to foster continued ecommerce growth and elevate the maturity of the industry by empowering more local offline businesses to break through the traditional business model and explore the numerous ecommerce opportunities in the online space,” Kim said.
The team plans to bring at least 11,000 sellers onto 11street&#8217;s platform by the end of this year.
Malaysian sellers who sign up will have access to the “Seller Zone&#8221;, an ecommerce education center and support facility set up for them. A sizable part of the investment cash will go into developing this facility.
Those who register before April 2015 will also receive other benefits such as no store fees, a 50 per cent discount on transaction fees, promotional credits, and product listing coupons.
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11street, that ranks among Korea's largest market places, will be investing MYR 35 million ($10 million) into its Malaysian website

Korea's 11street to invest $10m in MY website

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