SK Planet

SK Planet Co., Ltd. (Hangul: SK 플래닛 or 에스케이 플래닛), a subsidiary of SK Telecom, was established on and is an internet platform development company located in Pangyo, South Korea’s silicon valley with operations in 8 countries. SK Planet was spun off from SK Telecom to focus on online services and has since evolved to focus on three core business services: e-Commerce, Online-to-Offline services, and digital marketing.[1]

SK Planet Co., Ltd.
에스케이 플래닛
Subsidiary
IndustryInternet
  • E-Commerce
  • O2O Services
  • Digital Advertising
FoundedOctober 1, 2011
HeadquartersPangyo, Gyeonggi Province, South Korea
Key people
SungWon Suh (CEO)
Products
Number of employees
2,283
ParentSK Telecom
Websitewww.skplanet.com

Products and Business Services

Since its inception, SK Planet has owned, operated, and developed a variety of digital products and services ranging from business, entertainment, financial technology, social media platforms, mobile messaging, LBS services, mobile commerce, and marketing.

E-Commerce

SK Planet owns and operates 11st.co.kr – an e-Commerce shopping website in South Korea, where online buyers can purchase goods and services from sellers through its online marketplace platform. As of 2016, 11st became South Korea’s most visited e-Commerce site[2] and is number one in mobile commerce with the highest monthly unique visitor among mobile shopping apps in Korea.[3] SK Planet became a global e-Commerce company by expanding 11st into new international markets with its first global venture in 2013 with N11.com in Turkey,[4] followed by subsequent yearly expansions with Elevenia in Indonesia in 2014,[5] 11street Malaysia in 2015,[6] and 11street Thailand in 2017.[7]

Online-to-Offline Services

OK Cashbag is South Korea’s most widely used integrated loyalty program where customers can earn points across a variety of retailers and redeem those points for goods, services, and discounts with over 60,000 merchants, and 38 million subscribers on its marketing platform.[8]

Syrup is a singular brand of multiple consumer mobile apps in South Korea specializing in online-to-offline services[9] including:

  • Gifticon, initially launched in 2006 as Korea’s first mobile voucher service, where users can purchase digital vouchers and send them as gifts, which can then be redeemed at the point of sale.[10]
  • Syrup Wallet, a mobile wallet service using BLE and geo-fencing technology to provide the user with membership promotions and discounts from over 400 brands, and also serves as a digital wallet for membership cards.[11]
  • Syrup Table, a mobile app focusing on food and beverage establishments to provide crowd-sourced reviews about local restaurants, nearby promotions and discounts, as well as pre-ordering services.[12]
  • Syrup Style, a curated fashion app where users can browse through apparel, shoes, bags, and accessories, purchase them directly, then have them delivered or picked up at the offline store.[13]
  • Syrup Pay, a web based payment solution where users initially register their payment preference, such as credit card, bank transfer, or mobile carrier billing to pay for their purchases then enter a passcode to transact.[14]

Digital Marketing and Advertising

International Markets

United States

SK Planet Inc. is the operational entity located in San Francisco, California.[15] In 2014, SK Planet acquired Shopkick Inc. for $200 million, a mobile shopping companion that informs and rewards customers with points for walking into participating stores which can be redeemed for discounts.[16]

China

SK Planet launched an e-Commerce website offering products from Korea, as well as their O2O service Syrup Style in China.[17]

Japan

SK Planet owns and operates Cotoco under SK Planet Japan, a mobile gifting application where users can purchase and send gift vouchers from participating vendors and retailers.[18]

Turkey

SK Planet deployed its first e-Commerce venture, n11.com, in Turkey in 2013 through a joint-venture with Doğuş Group under Doğuş Planet. It has since grown to become the top e-Commerce marketplace in Turkey within three years of operations beating out its rivals Gittigidiyor and Hepsiburada.[19]

Indonesia

SK Planet established elevenia, an e-Commerce marketplace in Indonesia through a joint-venture with XL-Axiata in 2014.[20] Elevenia is owned and operated under XL Planet, and is the first e-Commerce venture in South East Asia for SK Planet. Both joint-venture partners have recently placed a Series-B investment of $50 million USD, to further support the growing e-Commerce venture.[21]

Malaysia

11street Malaysia is an e-Commerce marketplace owned and operated by Celcom Planet, which was launched in 2015 as a joint-venture between Celcom Axiata and SK Planet.[22] Leveraging the growing Hallyu Korean wave reception in South East Asia, rising Korean actor Lee Min-Ho became a brand ambassador for 11street Malaysia during its launch campaign.[23]

Thailand

SK Planet launched its fifth e-Commerce venture in Thailand as a wholly owned subsidiary, known as 11street Thailand.[24] The official launch included a large marketing campaign, with the Korean Actor Song Joong-Ki and rising Thai actress Mew Nittha as brand ambassadors.[25]

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References
  1. "SK Planet Business Areas".
  2. 김성미 (2017-02-10). "'이용자수 1위' SK플래닛, 올해 적자 줄인다". The Bell Korea.
  3. "Application Ranks by Major Online Services in Korea". 2017-02-01.
  4. Lee, Minji (2013-03-26). "SK Planet launches e-commerce platform in Turkey". Yonhap News Agency.
  5. Lukman, Enricko (2013-11-13). "Elevenia, a joint venture marketplace between XL Axiata and SK Planet opens in Indonesia". Techinasia.
  6. Yoon, Sung-won (2015-04-26). "SK Planet opens e-commerce service in Malaysia". The Korea Times.
  7. Park, Jae-hyuk (2017-02-16). "11street launched in Thailand". The Korea Times.
  8. "SK Telecom: Commerce investment to lift growth but weigh on earnings". The Korea Herald. 2016-07-29.
  9. Bahk, Eun-ji (2014-06-02). "SK Planet launches new e-commerce platform 'Syrup'".
  10. Kim, Sang Hoon (2012-07-01). "Gifticon, an Innovative New Service Standing at Crossroads".
  11. Park, Eun-Jee (2015-10-20). "App points customers in direction of best deals". Korea Joongang Daily.
  12. Jhoo, Dong-chan (2016-04-19). "SK Planet to provide comprehensive restaurant portal service". The Korea Times.
  13. 발민영 (2016-11-14). "SK플래닛, 시럽 스타일 판매자 대상… 중국 판로 개척 사업 설명회 개최". Digital Times Korea.
  14. Kim, Young-won (2015-08-10). "Online payment Syrup Pay sees growth". The Korea Herald.
  15. Lessin, Jessia E. (2013-06-26). "South Korea's SK Planet to Invest Up to $1 billion in U.S." The Wall Street Journal.
  16. Macmillan, Greg Bensinger Douglas (2014-09-27). "SK Telecom Agrees to Acquire Shopkick". The Wall Street Journal.
  17. Kim, Young-won (2016-01-25). "SK Planet steps up efforts to support SMEs". The Korea Herald.
  18. "SK planet is beginning mobile gift certificate service in Japan". 2014-06-08.
  19. Jhoo, Dong-chan (2016-03-28). "SK Planet leads in Turkey's e-commerce market". The Korea Times.
  20. Lukman, Enricko (2014-03-04). "Telcos join forces to launch Indonesia's newest e-commerce marketplace". Techinasia.
  21. Maulani, Anisa Menur A. (2016-02-01). "Indonesia's Elevenia scores US$50M from XL Axiata, SK Planet".
  22. Kugan (2015-02-17). "Celcom Planet to invest RM35 million to promote online marketplace 11street".
  23. Lee, Kah Leng (2015-05-05). "South Korean online marketplace 11street is now live".
  24. "11street Thailand launched by SK Planet". 2017-02-17.
  25. Kang, Soon Chen (2014-03-07). "Song Joong-ki can speak Thai, as this 11street ad shows".
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