IN a XOX Bhd-led initiative and driven by the initial success of its BLACK Market marketplace where revenue scaled triple digit growth month-on-month (mom) since its launch in December 2020, three companies – Cheetah Holdings Bhd, XOX and Lambo Group Bhd – entered into a tripartite collaboration.
This collaboration is to mirror its earlier success by targeting an immediate launch of a new look, full suite and automated Cheetah Online Store, slated to be launched by next quarter.
With over 1,000 stock-keeping units (SKUs) spanning across four major brand silos and five sub brands, Cheetah is moving to emulate other apparel brands to begin grabbing the online apparel market share, which is expected to hit over RM4.5 bil in 2021.
This is as online shopping for clothes has become increasingly popular while shopping malls and standalone outlets succumb to lower foot traffic and COVID-19 pandemic scares. Furthermore, statistic expects the user penetration to exceed 30% by 2021.
The consortium is targeting an immediate rollout by early second quarter of 2021.
This project will see each of the three companies pool their resources, talents, technology know how and industry expertise to give rise to a collective model with independent revenue streams to counter moves already made by Uniqlo, Zara and Zalora.
Meanwhile, Cheetah aims to remodel and revamp its brands to be more receptive of the current trends, focusing on online business and the dynamic youth market, increasing its revenue per customer by bundling and brand re-imagination.
XOX lends its two million strong customer base, extensive dealer network exceeding 20,000 dealers nationwide and also its e-wallet to provide consumers with bundled discounts, transaction benefits and a ready captive audience.
As for Lambo, it will lend its machine learning model, last mile delivery and explore collectively a bulk breaking, inventory management and e-fulfillment silo operation to cater for what would be an anchor client.
“This concerted effort represents a turnkey solution to provide all three companies with an immediate boost to revenue, product and presence,” said CEO of XOX Ng Kok Heng.
“Additional product will lift our average revenue per user (ARPU) significantly, as customers spend more using digital means.”
Ng added that their e-wallet along with their dealer network will be instrumental in escalating this project.
The revamped and new look platform is expected to be launched by April 2021.
In addition, the flow on effect will see Cheetah have immediate access to an excess of two million online customers being exposed to the latest design and trends. – March 12, 2021
