11Street

Nine dimensions merchants should review before joining:

Merchant snapshot

An established general-merchandise open marketplace under SK Square; in 2025 its open-market business was profitable for 23 consecutive months and the overall loss narrowed 47%. Friendly to overseas sellers (can onboard with identity verification) and suited to small/medium sellers doing multi-platform listings, though scale lags the top two by a wide margin.

Entry requirements

The Global Seller membership (글로벌셀러회원) channel is open to non-Koreans: legitimate Hong Kong/Macau/Taiwan, overseas and Chinese companies can join, requiring a business license + a corporate USD receiving account + legal-representative documents, with review taking about 7–10 business days (Chuhai Club, Mar 2024). Unlike Naver, 11Street allows non-Koreans to sell with identity verification (Korea Times, Apr 2022). Korean domestic sellers register through the 11st Seller Office (셀러오피스) (business license + mail-order sales declaration required). No official GMV disclosure; assessments of onboarding scale rely on user/strategic position.

Fee structure

No listing fees and no store rent (Chuhai Club/Yunjiehui). Commission is a platform-handling-fee model — Chinese third-party sources disagree: Chuhai Club in 2024 said '13% across all categories', while Yunjiehui in 2025 said '12%–13%, as low as 9% for home appliances and 5% for some categories'. Neither is official and they conflict; exact commissions and rates are per the official latest fee schedule. Ad/promotion costs are per 11st Seller Office announcements.

Getting traffic

Established general-merchandise mindshare and long-term brand recognition keep a merchant/user base; users grew quickly in 2025 (MK 2025). Traffic is mainly on-site search + categories + promotional campaigns (big-sale planning), with customer acquisition coordinated with the SK ecosystem (SKT telecom users). Scale lags Coupang/Naver by a wide margin, Q1'25 revenue -30% (chwang), no official GMV, and traffic appeal is weaker than the top two.

Fulfilment & logistics

A pure marketplace model with no self-operated warehousing/delivery: merchants self-fulfill, with timeliness and shipping fees set by sellers (Korean couriers such as CJ dominate). Cross-border sellers ship directly from overseas or from local warehouses. There is no Rocket/FBA-style unified fulfillment on the platform side; delivery experience depends on the seller.

Payments & settlement

Domestic sellers settle fast — KBS reports 11st settles in 2 days (2025.12.24). Global sellers settle via corporate USD receiving accounts (Chuhai Club) and third-party cross-border collection channels are supported. Settlement cycles and fee details are per the Seller Center.

Compliance

At the company level, 2025 was still loss-making: a full-year operating loss of ₩39.6B (narrowed 47% YoY), but the open-market business turned profitable in FY2025 with 23 consecutive months of profit (DigitalToday/asiae). ⚠️ No official GMV disclosure (GAP). Counterfeit governance is a common open-market issue, and platform review and authenticity rules keep tightening. Cross-border sellers should watch Korean product compliance (KC certification, etc.) and consumer-protection obligations.

Key risks

1) The company is still loss-making overall (2025 loss of ₩39.6B) with Q1'25 revenue -30%; scale lags Coupang/Naver by a wide margin, raising doubts about long-term investment capacity (asiae/chwang); 2) squeezed by AliExpress/Temu low prices and the 'three Chinese dragons' on one side and the top two on the other — the open-market heartland is being eroded (kyungjeilbo); 3) opaque fee figures: commission ratios have no official unified publication and third-party data conflict, making merchant cost modeling difficult; 4) no official GMV, so real platform scale is hard to verify and appeal to high-value cross-border sellers is limited; 5) if loss reduction keeps underperforming, there is risk of sale/consolidation rumors (industry background, amzdh).

Best-fit sellers

Best suited to: small/medium sellers and multi-platform listers (low cost, friendly onboarding threshold), local brands as a supplementary channel, and sellers put off by Coupang/Naver's high thresholds or fees. Overseas (especially Chinese) sellers are highly welcome — it is one of the few established Korean marketplaces where you can onboard with identity verification. Not suited to: merchants seeking a main channel with huge traffic/high GMV, sellers needing platform warehousing and fulfillment, or heavily invested brands requiring long-term platform stability.

Sources

research/sections/kr_platforms.md 6.2.4; 各地区电商平台Top5深度研究报告.md 5.2节; research/research-top5-ecommerce-platforms-jp-kr-au-nz.md; DigitalToday (扭亏/连续23个月盈利) https://www.digitaltoday.co.kr/en/view/4532/11st-2025-operating-loss-narrows-open-market-turns-profitable; asiae (2025亏损396亿) https://www.asiae.co.kr/lang/print.htm?idxno=2026022509122033636&lang=en; MK (用户回升) https://www.mk.co.kr/en/business/11482513; Korea Times (非韩国人可入驻) https://koreatimes.co.kr/www/tech/2025/03/419_327276.html; KBS (结算2天) https://news.kbs.co.kr/news/mobile/view/view.do?ncd=8442532; 出海club (全球卖家入驻/费率13%) https://www.chuhai-club.com/article/122738.html

11Street appears in the Top-5 lists of 1 regions: Korea.

• South Korea（#4）：Korea's veteran open market (general merchandise)

Every figure is taken from that region’s Top-5 report and source audit. No cross-region conversion or new estimates: