11street is an E-commerce organisation established in Kuala Lumpur, Malaysia. This Business is a joint venture between Celcom Axiata Berhad. This is a Malaysia’s premier and most experienced mobile telecommunications group with 49% share and SK Planet Ltd which owns Korea’s best e-commerce site 11st.co.kr a strong and innovative E-commerce platform with 51% of share. Mr Hoseok Kim was designated as the Chief Executive Officer of 11street Malaysia in the year 2014.
11street was originally a leading E-commerce company in South Korea, operating under the management of SK Planet Co., Ltd. 11street expanded its operations to Malaysia to grow and expand the E-Commerce industry in the country. The business is currently running from their main office establish at Kuala Lumpur since January 2015.
11street is one of the Malaysian online shopping stops. This consistent with a competitively priced commodity which uncovers endless selections and shocking deals. It includes Fashion, Electronics, Home & Living, Sports & Leisure, Health & Beauty, Kids & Baby, Grocery and Services & Books containing deal offerings like E-vouchers. Combining all 11street has more than 8 million items in its online list of shopping in a reliable and secure environment for buyers and sellers who likes online dealings.
11street Business Objectives
The 11street team consists of enthusiastic, ambitious and fun talents. The team is constantly looking for people who shares their passion and vision to be the market leader in Malaysia’s E-commerce industry. The company’s purpose is to build a fun and interactive online buying website where everyone can buy and sell in an open-yet-trusted environment.
The key differentiator is the experiences and know-how that the company has succeeded through its many years of global E-commerce investment in Korea, which can be transferred to the local online sellers or applied on the local market to expedite 11street’s set-up and expansion in Malaysia.
The business was already using advanced Facebook targeting tools like Lookalike Audiences and Custom Audiences to bring in the right website traffic. But it wanted to ramp things up and improve its entire catalogue based on people’s browsing records to boost conversions.
Strategy Adopted by 11street
11street is aware of the risk which has to be manipulated and mitigated. 11street keeping this aspect in mind it has taken several precautionary steps to avoid online risk. The business also provides free member registration and product listing. The Business over and above provides its customers with a mobile friendly environment for convenient online shopping.
Users are provided with the safe and stable platform for buyers and sellers via the ESCROW system. This system protects the interest of the users. As the business is a joint venture between two establishments named Celcom Axiata Bhd. and SK Planet Ltd. Both the business has got immense experience in e-commerce. The business attracts a massive traffic through effective marketing strategies together for the development of the business. 11street has tailored the adaptable business model to the preferences of the key partners of the business.
11street has a large diversity of trusted products and services for the customers. The business has also got most reliable merchants from Malaysia and around the world. The merchants registered in 11street serve the business with the variety of products and services. Buyers are protected with verified and secure payment systems at the time of purchase. Buyers are provided with additional member benefits with attractive prices with frequent deals and advertisements. Customers are provided with points and credits that reward the buyers when they shop at 11street.
Sellers are provided with free product listing i.e., sellers can add any numbers of products for sale. The items are sold at the very genuine or competitive price to the seller’s satisfaction. The business promotes sellers products with a campaign with a large marketing fund.
The business has introduced their Seller Zone. This is claimed to be the first E-Commerce education centre in Malaysia. This offers a training support and facilities to their sellers, which involve professional photography studios, training centres and a public lounge for networking, relaxation and refreshment. Some of the 11street partners administer the coaching sessions include Malaysia’s national ICT agency Multimedia Development Corporate (MDeC) and Google Malaysia.
Results Achieved By 11street
The E-commerce brand used dynamic ads for the first time to promote its entire directory to website visitors achieving 10 times more sales year-on-year.
11street uses Facebook to find potential customers and identify leads, and then retarget them with relevant ads. The retailer has been using Custom Audiences to routinely segment potential customers into groups based on how recently they’ve bought something, viewed a product or added something to their basket.
11street also recognise customers with the highest lifetime value and uses Lookalike Audiences to find people like them on Facebook, further assure high-quality website traffic. The company has also worked to figure out its optimal match rate, which estimates potential reach with the similarity to existing customers.
In July 2016, 11street directed its attention to smarter retargeting and started using dynamic ads to advertise relevant products to people based on their browsing history. Within a few days, it had uploaded 8 million products from its catalogue onto Facebook, simply by importing a spreadsheet.
Facebook automatically showed relevant products to people from a range of Custom Audience segments. For example, people who purchase a mobile phone saw a complementary product, like a phone case. 11street has proceeded to run retargeting ads across Facebook, Audience Network and Instagram to reach an even larger audience.
Comparing sales to the year before it started using dynamic ads. 11street achieved a notable spike in sales and a higher conversion rate. The campaign achieved best ever results from July to October 2016. The campaign boost its sales 10 times more with 12 times more return on ad spend. It increased its cost performance 15 times more than before with 4.7 million new customers reaching using Lookalike Audience. This has lead to an improvement in conversion rate up to 5 times more than the preceding campaign.
Testimony On 11street Success From Facebook Ad By VP of Marketing, 11street Mr. Wong Siew Lai
The beauty of dynamic ads is the ability to link people to the right product page, based on their past actions, without having to manually list every single item. Uploading our catalogue of more than 8 million products was quick and pain-free. Facebook has become one of our large sources of both websites traffic and conversions.
11street took more convenient steps to make its Users, Buyers and Sellers transact with the business easily with more user-friendly initiatives. The business took help of Lookalike Audience to reach its potential customers. Retargeting option in facebook helped the business to shown complementary product to the old customers. The business used relevant advertising techniques in facebook and reached its 4.7 million customers.
Image Credits: 11street