South Korea’s largest mobile carrier, SK Telecom Co., announced a partnership with Amazon last week. This strategic relationship marks the US ecommerce giant’s first step into the country.
A partnership that generates mutual benefits
SK Telecom said that users of its 11Street platform will be able to access a wide range of products sold by Amazon. Through the partnership, Amazon will be able to reach South Korea’s 52m people, and 11Street will be able to enrich its product offering and strengthen its competitiveness.
It is reported that Amazon has obtained the right to acquire a stake up to 30% in 11Street. Depending on the performance of 11Street, Amazon could potentially invest hundreds of millions of dollars in the deal.
“11Street shares our vision for ‘Customer Obsession’ and is a leading ecommerce business in South Korea,” Amazon said. “From our cooperation, we look forward to provide customers with differentiated experience of shopping products available in Amazon.”
This partnership with 11Street is Amazon’s first step tapping into the country.