When retailers hit record sales of 40 times the daily average - in just one day

SALES festivals have been around for decades, where at least a few times a year, consumers can enjoy big discounts and retailers can expect a fillip in business. E-commerce has taken this concept to the next level, especially with 11.11, started by Alibaba in 2009, becoming the world's biggest online sales festival. Eleven years on, the growth of the digital economy in South-east Asia has fuelled more - and bigger - online shopping festivals, including the likes of 9.9, 11.11 and 12.12 that just passed. So will 2020 see more such iconic days? More broadly, what is the future of these festivals in the region?

Empowering SMEs

South-east Asia is a region of entrepreneurs and traders. This is apparent just walking through the streets of our major cities. Most of the enterprises are SMEs, small- and medium-sized firms. E-commerce and the digital economy are a way to unleash the power of South-east Asia's SMEs.