South Korean ecommerce operator SK Planet has launched its online marketplace 11street in Thailand, the fourth overseas markets the company set up its online operation.
Launch in Thailand
Under the local company name 11Street Thailand, the online shopping platform will start by offering 3 million items under eight categories, including fashion, home appliances and leisure, most of which will be from Thai retailers.
Thailand’s ecommerce industry is expected to grow at an average rate of 20% through 2020, expanding to KRW4.59 tn (US$4.03bn) from KRW1.81tn in 2016.
“11st Street will be at the forefront of realising the high potential of Thailand’s ecommerce market,” said Jeon Hong-cheol, chief executive of 11Street Thailand in a statement.
Expansion in Southeast Asia
The company plans to strengthen its presence in the Southeast Asian ecommerce market. In the first three overseas markets it moved in outside South Korea, including Malaysia, Turkey and Indonesia, SK Planet saw its sales rise 72.5% from 2015.
“Along with other Korean home shopping companies that have already advanced there, 11st Street is going to more actively target the Southeast Asian region.”
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