- South East Asian e-commerce company Zalora is expecting record-breaking business this Singles Day.
- CEO Gunjan Soni told CNBC on Thursday that the economic reopening and technological adoption across the region will boost spending during the shopping event.
- “We’re seeing a lot of excitement and I certainly hope to break some records,” Sony told “Street Science.”
South East Asian e-commerce company Zalora is expecting record-breaking business this single day amid economic reopening and technological adoption across the region.
Speaking to CNBC in what is touted as the world’s biggest shopping event, Zalora Group CEO Gunjan Soni said he expects Thursday’s activity to pick up from last year’s, when the company reported a significant increase in sales within the first hour of business. Saw $100 million.
Singles Day, which takes place on November 11, is an online shopping event similar to Black Friday and Cyber Monday. It originated in China and is particularly popular throughout Asia.
“We’re seeing a lot of excitement and I definitely expect us to break some records,” Soni told CNBC’s “Street Signs.”
The fashion retailer said it expects pandemic-winning categories like athletics, beauty and kids to continue to do well this year as well. Athleisure refers to a type of clothing that combines athletic gear with leisure wear.
But Zalora also expects other previously hard-hit segments – such as womenswear and occasion wear – to make a comeback.
“The good news is we are finally starting to see a return in demand for women’s apparel and occasion wear, and we expect there to be a spike especially for holiday-related gear ups,” Sony said.
Singles Day is a major event for retailers across the region. In intra-day data released on Thursday, fellow Southeast Asia e-commerce site Lazada, which is owned by China’s e-commerce giant Alibaba, said it took just nine minutes to cross $11 million in sales.
The incident comes as Southeast Asia continues to advance in technological adoption, necessitated by the coronavirus lockdown. Even as regional economies reopen, to varying degrees, Soni said he expects e-commerce demand to continue to grow.
“If we take the next three to five years, we are very optimistic in terms of fashion, beauty and lifestyle,” he said.
Southeast Asia’s six largest economies now have 440 million Internet users, 40 million of whom have gone online for the first time this year, according to a new report released Wednesday by Google, Temasek Holdings and Bain & Co. Of the total 440 million, 80% have made one-time lease purchases online.