SK Planet

SK Planet Co., Ltd. is a South Korean internet-platform development company and subsidiary of SK Telecom. It was established in 2011 through a spin-off from SK Telecom, with the purpose of concentrating on online services and digital businesses rather than the parent company's core telecommunications operations. The company has developed, owned, operated, or invested in services spanning e-commerce, mobile commerce, loyalty programs, digital payments, mobile gifting, location-based experiences, social and messaging services, entertainment-related platforms, and advertising technology. Its business has increasingly been organized around three broad areas: e-commerce, online-to-offline services, and digital marketing. In e-commerce, SK Planet operates 11st.co.kr, a major South Korean online marketplace that connects consumers with third-party sellers. The service supports the purchase of goods and services through web and mobile channels and became one of the country's most visited mobile-shopping platforms. SK Planet also pursued international marketplace ventures using the 11street brand and related local brands. These included n11.com in Turkey, launched through a joint venture with Doğuş Group in 2013; elevenia in Indonesia, created with XL-Axiata in 2014; 11street Malaysia, launched with Celcom Axiata in 2015; and 11street Thailand, introduced in 2017. The international portfolio illustrates the company's effort to adapt a Korean digital-commerce model through local partnerships and market-specific operations. SK Planet's online-to-offline portfolio has included OK Cashbag, one of South Korea's largest integrated loyalty programs. The service allows members to accumulate and redeem points across a broad network of merchants, linking consumer purchases with targeted promotions and marketing services. The company has also grouped several consumer mobile services under the Syrup brand. These have included Syrup Wallet, which combines membership cards, promotions, and location-aware offers; Syrup Table, which provides restaurant information, reviews, promotions, and ordering-related functions; Syrup Style, a fashion-discovery service; and Syrup Pay, a web-based payment option supporting registered payment methods and passcode-based checkout. Gifticon, a mobile voucher service launched in 2006 before the formation of SK Planet, became part of the company's broader mobile-commerce and gifting portfolio. Outside South Korea, the company has operated or supported digital businesses in North America and Asia. Its United States operating entity, SK Planet Inc., was based in San Francisco and acquired Shopkick in 2014. Shopkick provided a mobile shopping-companion experience in which users could receive points for visiting participating stores and redeem them for discounts or rewards. In Japan, SK Planet Japan operated Cotoco, a mobile gifting application for sending vouchers from participating retailers. The company also introduced Korean-product e-commerce and Syrup Style-related services in China. SK Planet has continued to explore emerging digital infrastructure. In November 2024, it announced cooperation with Animoca Brands' Mocaverse to investigate blockchain applications within its existing digital-services ecosystem. The initiative was presented as a way to add decentralized features and new forms of user engagement to SK Planet's platform businesses. Overall, SK Planet's identity is that of a platform operator and digital-services company within the SK Group, using commerce, loyalty data, mobile utilities, payments, and marketing capabilities to connect consumers, merchants, brands, and partners.

SK Planet was established in 2011 when SK Telecom spun off an online-services business into a separate company. The separation reflected SK Telecom's effort to give digital products and internet-platform development a more dedicated organizational structure. From the beginning, SK Planet was associated with a broad collection of consumer and business services rather than a single product category. Its activities covered e-commerce, mobile commerce, loyalty, payments, location-aware services, digital content, messaging, and marketing. The company's South Korean commerce foundation was 11st.co.kr, an online marketplace where customers could buy goods and services from independent sellers. The platform developed into a major mobile-shopping destination and became the base for SK Planet's international e-commerce strategy. The company expanded outside Korea through locally structured ventures rather than applying a single uniform operating model. Its first international e-commerce venture was n11.com in Turkey, established in 2013 with Doğuş Group through Doğuş Planet. In 2014, it formed the Indonesian marketplace elevenia with XL-Axiata under XL Planet. The following year, it launched 11street Malaysia with Celcom Axiata through Celcom Planet. In 2017, it introduced 11street Thailand as a wholly owned subsidiary. These ventures extended the company's marketplace capabilities across several Asian markets while relying on local corporate and commercial partners. SK Planet also developed a substantial online-to-offline and loyalty-services portfolio. OK Cashbag connected consumers with rewards across a large network of participating merchants. Users could earn points through purchases and redeem them for products, services, and discounts. The program also provided a marketing and customer-engagement layer for retailers and brands. The company expanded this consumer-services approach through the Syrup family of mobile applications. Syrup Wallet used mobile and location technologies to deliver membership benefits and promotions, while Syrup Table addressed restaurant discovery, reviews, promotions, and ordering-related needs. Syrup Style focused on fashion curation, and Syrup Pay provided an online checkout service based on registered payment preferences and a passcode. Gifticon, originally launched in 2006 as an early Korean mobile-voucher service, supported the broader mobile-gifting and digital-commerce strategy. International expansion also included non-marketplace services. SK Planet's United States entity was based in San Francisco, and in 2014 the company acquired Shopkick for a reported purchase price of $200 million. Shopkick's model combined retail visits, mobile engagement, and reward points, giving SK Planet exposure to location-based shopping and offline retail activation. In Japan, SK Planet Japan operated Cotoco, a mobile application for purchasing and sending retail gift vouchers. The company also launched Korean-product e-commerce and Syrup Style-related services in China. By the later stages of its development, SK Planet had concentrated its activities around e-commerce, online-to-offline services, and digital marketing. This represented a shift from a wide collection of digital products toward a more integrated platform model in which commerce transactions, loyalty relationships, mobile utilities, and advertising data could reinforce one another. In November 2024, SK Planet announced cooperation with Animoca Brands' Mocaverse to investigate blockchain-related capabilities for its digital ecosystem. The cooperation indicated an interest in decentralized services and new forms of digital identity or engagement, although the available reference material does not establish a full commercial product launch. SK Planet remains a digital-platform subsidiary of SK Telecom with operations and partnerships across eight countries.

• 2024

  Blockchain cooperation with Mocaverse is announced

  [1]SK Planeten.wikipedia.org

  SK Planet announced cooperation with Animoca Brands' Mocaverse to explore decentralized features and blockchain-related improvements for its digital-services ecosystem.

• 2017

  11street Thailand launches

  [1]SK Planeten.wikipedia.org

  SK Planet launched 11street Thailand as its fifth international e-commerce venture and a wholly owned subsidiary.

• 2015

  11street Malaysia launches

  [1]SK Planeten.wikipedia.org

  SK Planet and Celcom Axiata launched 11street Malaysia through Celcom Planet.

• 2014

  Indonesian marketplace elevenia is established

  [1]SK Planeten.wikipedia.org

  SK Planet and XL-Axiata created elevenia in Indonesia through the XL Planet joint venture.

• 2014

  Shopkick is acquired

  [1]SK Planeten.wikipedia.org

  SK Planet acquired the United States mobile shopping and rewards company Shopkick, extending its presence in location-based retail engagement.

• 2013

  First international e-commerce venture launches in Turkey

  [1]SK Planeten.wikipedia.org

  SK Planet entered Turkey through n11.com, a marketplace created with Doğuş Group under Doğuş Planet.

• 2011

  SK Planet is established

  [1]SK Planeten.wikipedia.org

  SK Telecom spun off an online-services operation to establish SK Planet as a separate internet-platform development company.

• 2006

  Gifticon launches in South Korea

  [1]SK Planeten.wikipedia.org

  Gifticon was introduced as an early Korean mobile-voucher service, allowing users to buy digital vouchers and send them as gifts for redemption at participating merchants.

A South Korean SK Group digital-platform operator that combines e-commerce marketplaces with loyalty, mobile commerce, online-to-offline services, payments, and data-driven marketing.

• E-commerce marketplace

  11st

  11st.co.kr is SK Planet's South Korean online marketplace. It enables consumers to purchase goods and services from third-party sellers through web and mobile channels. The platform became a central part of SK Planet's domestic commerce business and served as the model for the company's subsequent international 11street-branded ventures.

• Loyalty and rewards

  OK Cashbag

  OK Cashbag is an integrated loyalty program operating across a large network of South Korean merchants. Members earn points through participating purchases and can redeem them for products, services, and discounts. The platform also functions as a marketing channel, linking brands and retailers with customers through rewards and promotional activity.

• Mobile gifting and digital vouchers · 2006

  Gifticon

  Gifticon is a mobile voucher service that allows users to purchase digital gifts and send them to other people. Recipients redeem the vouchers at participating stores and vendors. The service helped establish mobile gifting as a practical form of digital commerce in South Korea and became part of SK Planet's broader consumer-services portfolio.

• Mobile wallet and loyalty

  Syrup Wallet

  Syrup Wallet combines digital membership cards with promotions and discounts. It used Bluetooth Low Energy and geofencing capabilities to present location-relevant offers from participating brands, while also giving users a mobile place to manage loyalty relationships.

• Local commerce and restaurant services

  Syrup Table

  Syrup Table focused on food and beverage businesses. Its functions included restaurant discovery, user reviews, nearby promotions and discounts, and ordering-related services such as pre-ordering. The application represented SK Planet's effort to connect digital discovery with offline consumption.

• Fashion discovery and commerce

  Syrup Style

  Syrup Style was a curated fashion application associated with SK Planet's online-to-offline service portfolio. It provided a discovery-oriented environment for fashion content and products and was also introduced in connection with the company's China operations.

• Digital payments

  Syrup Pay

  Syrup Pay is a web-based payment solution. Users can register preferred payment methods, including cards, bank transfers, or mobile-carrier billing, and complete transactions with a passcode. It supported the checkout and payment layer of SK Planet's digital-commerce ecosystem.

• Mobile shopping and retail engagement

  Shopkick

  Shopkick is a mobile shopping companion acquired by SK Planet in the United States. The service rewarded users with points for visiting participating stores and engaging with retail experiences; accumulated points could be exchanged for discounts or other rewards.

• E-commerce marketplace · 2013

  n11.com

  n11.com was SK Planet's first international e-commerce venture. It was established in Turkey through a joint venture with Doğuş Group under Doğuş Planet, adapting SK Planet's marketplace model to the Turkish market.

• E-commerce marketplace · 2014

  elevenia

  Elevenia was an Indonesian e-commerce marketplace created by SK Planet and XL-Axiata through XL Planet. The venture extended SK Planet's marketplace capabilities into Indonesia and was supported by investment from its joint-venture partners.

• E-commerce marketplace · 2015

  11street Malaysia

  11street Malaysia was an online marketplace established through a joint venture between SK Planet and Celcom Axiata under Celcom Planet. It brought the 11street commerce format to Malaysia and was supported by a launch campaign featuring Korean actor Lee Min-ho as brand ambassador.

• E-commerce marketplace · 2017

  11street Thailand

  11street Thailand was launched as SK Planet's fifth international e-commerce venture and operated as a wholly owned subsidiary. Its launch used a high-profile ambassador campaign featuring Korean actor Song Joong-ki and Thai actress Mew Nittha.

• Mobile gifting

  Cotoco

  Cotoco was operated by SK Planet Japan as a mobile gifting application. Users could purchase and send digital gift vouchers from participating Japanese vendors and retailers.

• 201711street Thailand launch campaign

  Thailand

  The launch campaign for 11street Thailand featured Korean actor Song Joong-ki and Thai actress Mew Nittha as ambassadors, combining Korean celebrity appeal with local market representation.

  Source
• 201511street Malaysia launch campaign

  Malaysia

  The Malaysian launch of 11street used Korean actor Lee Min-ho as a brand ambassador to build awareness for the new marketplace and associate the service with Korean popular culture.

  Source

• 2024

  Cooperation with Mocaverse on blockchain applicationsStrategy

  Background

  SK Planet explored ways to extend its established digital-services ecosystem with decentralized technology and new user-engagement mechanisms.

  Action taken

  The company announced cooperation with Animoca Brands' Mocaverse to investigate blockchain innovations for existing SK Planet services.

  Aftermath

  The available reference material describes the cooperation as an exploration of decentralized features and does not establish a completed product launch or financial result.

  Source

• 2014

  Acquisition of ShopkickM&A

  Background

  SK Planet sought to expand its presence in mobile shopping and location-based retail engagement in the United States.

  Action taken

  SK Planet acquired Shopkick, a mobile service that rewarded users for visiting participating stores and interacting with retail offers.

  Aftermath

  The acquisition gave SK Planet an operating presence in the United States and access to a mobile-to-physical-retail engagement model.

  Reported acquisition price. US$200 million (2014 acquisition)

  Source

• 2011

  Spin-off from SK Telecom to create a dedicated internet-platform companyStrategy

  Background

  SK Telecom separated its online-services activities from the telecommunications business as SK Planet was established.

  Action taken

  SK Planet was formed as a subsidiary focused on online services, digital products, and internet-platform development.

  Aftermath

  The new company expanded into e-commerce, loyalty, online-to-offline services, payments, and digital marketing.

  Source

• 2024

  SK Planet announces cooperation with Mocaverse[1]SK Planeten.wikipedia.org

  Other

  SK Planet announced cooperation with Animoca Brands' Mocaverse to explore blockchain innovations and decentralized features for its existing digital-services ecosystem.

• 2014

  SK Planet acquires Shopkick[1]SK Planeten.wikipedia.org

  M&A

  SK Planet acquired Shopkick, a United States mobile shopping application that rewarded users for visiting participating stores and engaging with retail offers.

1. 1SK Planeten.wikipedia.org