Many Filipino shoppers waited for midnight to arrive for the start of the Singles’ Day Sale, also known as 11.11 sale, as it falls on the 11th of November each year.
The Singles’ Day Sale, which traces its roots to China, is regarded as the single biggest day for online shopping as for 24 hours, popular online shopping websites like the Alibaba owned Taobao, Lazada and Shopee offer big discounts on a variety of goods.
Lazada, one of the E-commerce platform here in the Phillipines, has resulted in 15 days worth of transactions in just 24 hours.
“People visit our app at least 20 times a day during our 11.11 sale. We will do in one day what we normally do in half a month,” said Lazada Philippines chief executive officer Juan Pavez in an interview at Lazada’s flagship warehouse in the country in Cabuyao, Laguna via Manila Standard.
As of November, Lazada made $6 billion in transaction value; a 17-percent year-on-year increase compared to last year.
“We achieved 60 percent of our daily target by 9 a.m.,” Pavez said.
“For many Filipinos, our 11.11 sale is the best time to shop for Christmas, with over 50 million deals, including discounts of as much as 99 percent and even one-peso deals,” he added.
Pavez said their company is planning to put up a new facility in Clark to maximize the cross-border flows catered by Subic and Clark.
“When we started in the Philippines six years ago, everybody told us we were crazy,” said Pavez; adding that the online platform now has 27 million Facebook fans in the Philippines and receives 28 million site visits.
“But we believe in the market, and that e-commerce is an enabler of business, including small and medium enterprises,” he added.