South Korea's SK Planet recently launched ‘elevenia’, an online marketplace in Indonesia, in cooperation with the country's second largest mobile network operator XL Axiata.
The name ‘eleven’ was derived from the name of SK Planet’s online marketplace 11ST.
SK Planet signed a memorandum of understanding with XL Axiata for cooperation in the digital content business in May 2013 before establishing XL Planet two months later in July 2013.
XL Planet is a 50-50 joint venture company established by SK Planet and XL Axiata. The company has starting capital of $37.2 million and around 100 local employees, and is being led up by Lee Junsung (James Lee), former CEO of Commerce Planet.
Indonesia’s e-commerce market reached $1.4 billion in 2013 and its compound annual growth rate (CAGR) is forecast at 39% between 2014 and 2022. Internet penetration rate passed 31% as of 2013, with mobile phone penetration reaching 66%.
Taking into account of consumer usage patterns in Indonesia, elevenia enables users to not only access the marketplace online, through the mobile web and via mobile apps. Through the partnership with XL Axiata, elevenia gives customers free data while they shop on mobile.
Over 550,000 products are currently registered for sale at elevenia in fashion, cosmetics, kids & baby, electronics, home & living, books and music categories. In addition, special product categories such as Daily Deals, Our Recommendations, K-Pop Products and Designer Brands are also available.
XL Planet said it plans to establish a strong and mutually beneficial e-commerce ecosystem for all those involved — the marketplace operator, participating merchants and customers - by fully utilizing the operational know-how of 11ST that proved successful in both Korea and Turkey.