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Showing posts from June, 2024

🇰🇷 11st's Bold Shift to Profitability

11st Shifts Focus to E-commerce Amid Financial Struggles 11st is prioritizing profitability, even to the extent of terminating new business ventures it embarked on just two years ago. The company's focus is now firmly on enhancing its e-commerce operations. End of MyData Service 11st recently announced the discontinuation of its MyData service, "Moneyhanjan," which it had launched in October 2022. This service aimed to consolidate financial information from various sources such as banks, card companies, and fintech firms. Initially, MyData was a strategic move to secure a new revenue stream, but it failed to meet profitability expectations. Despite efforts to expand the service, including the launch of "Moneyhanjan Consumer Research Lab" to analyze user data and provide shopping trends, the venture did not deliver the desired financial results. This decision reflects the management's strategy to focus on the more profitable e-commerce sector, especially in t...