ENVALITH
株式会社ジグザグ logo

zig-zag,Inc.

340A・Growth Market・Information & Communication

株式会社ジグザグ logo
zig-zag,Inc.340A

Business

Zig Zag, Inc. operates under the mission of "making excitement from around the world commonplace," and independently runs a Cross-Border EC Platform Business (Single Segment) that integrally provides "WorldShopping," a purchase support service for overseas customers, and "WorldShoppingBIZ," a cross-border EC support service for domestic EC sites. The company resolves the language, logistics, and payment barriers faced by domestic EC sites through an extremely low implementation barrier—the addition of a single line of JavaScript tag—enabling sales to 228 countries and regions worldwide in as little as one day. Its main customers are domestic EC site operators (on the BIZ side) and overseas customers centered on Asia and North America (on the WorldShopping side), with the overseas sales ratio reaching 95% in FY2025 (ended May 2025). The company is in a growth stage, having listed on the Tokyo Stock Exchange Growth Market in March 2025.

Business Model

Revenue is composed mainly of purchase agency fees and shipping fees charged to overseas customers through "WorldShopping," and monthly usage fees charged to domestic EC site operators for "WorldShoppingBIZ" (initial fee of ¥30,000, monthly fee of ¥5,000). Because overseas customers bear the shipping and handling fees, the introduction cost for domestic EC site operators is kept low, creating a structure that promotes adoption. In FY2025 (ended May 2025), net sales were ¥1,412 million and gross merchandise value (GMV) was ¥6,474 million, resulting in a take rate (revenue as a percentage of GMV) of approximately 21.8%.

Company Strengths

Cross-border readiness for a domestic EC site is completed simply by adding one line of JavaScript tag, with no data integration or system modification required. After implementation, sales to 228 countries and regions worldwide become possible in as little as one day. This low-friction implementation design underpins the continuous expansion in the number of monthly Active Shops (from 384 shops in FY2021 (ending May 2021) to 1,303 shops in FY2025 (ending May 2025)).

Gross Merchandise Value (GMV) expanded approximately 3.8-fold from ¥1,683 million in FY2021 (ending May 2021) to ¥6,474 million in FY2025 (ending May 2025). Net sales also grew approximately 3.4-fold over the same period, from ¥414 million to ¥1,412 million. The number of monthly repeat customers also increased from 1,785 to 5,940, indicating a steady deepening of platform usage.

WorldShopping and WorldShoppingBIZ together form a platform that provides value to both overseas customers and EC sites. Combining the credibility of official EC site endorsement with multilingual customer support and diverse payment methods (Alipay, WeChat Pay, NAVER Pay, overseas Amazon Pay, etc.), the platform has a cumulative track record of handling over 700,000 orders.

ENVALITH's Perspective

On a non-consolidated basis, FY2026 (ending May 2026) revenue increased 6.2% year on year to ¥1,500 million, securing revenue growth, while operating profit declined 10.4% year on year to ¥289 million, turning to a profit decrease. The FY2027 (ending May 2027) consolidated earnings forecast anticipates accelerated growth with revenue of ¥1,793 million (up 19.5% year on year), but signals significant profit compression, with operating profit of ¥212 million (down 26.6% year on year) and net income of ¥137 million (down 39.5% year on year). Given the explicit emphasis on upfront investment in personnel and product development, this can be assessed as a transition to a growth investment phase that accepts a short-term decline in profit levels.

In FY2026 (ending May 2026), against GMV of ¥6,928,875 thousand, revenue stood at ¥1,500 million, with the take rate remaining at approximately 21.7%. The existence of a structural ceiling in the efficiency of converting GMV growth into revenue suggests a long-term cap on revenue growth. On the other hand, raising the monthly fixed usage fee and expanding value-added services (such as professional translation and the Shop Dashboard) to improve ARPU will be key to earnings improvement. As an external factor, the continuation of yen depreciation and inbound demand is underpinning overseas customers' purchasing appetite.

The completion of the establishment and commencement of local operations of the Taiwanese subsidiary (Jike Chazhak Co., Ltd.), announced in December 2025, represents a strategic step to accelerate penetration into the Asian market (which accounts for 52.6% of revenue, or ¥789 million). Meanwhile, external environment risks remain elevated, including uncertainty over U.S. trade policy, elevated logistics costs stemming from geopolitical risks in the Middle East and Ukraine, and foreign exchange losses (¥7 million recorded in the current period). Whether the concentrated investment in the Taiwanese market succeeds will depend on the effectiveness of local marketing measures and foreign exchange trends.

Growth Strategy

Aiming for sustainable growth along three axes: deepening penetration of domestic EC sites, expanding value-added services, and overseas expansion starting from Taiwan

Completed the establishment procedures for the Taiwan subsidiary (吉克査克股分有限公司), announced in December 2025, and commenced formal business operations locally. Through pop-up events in Taipei, Taiwan and local marketer seminars, the company is promoting direct awareness expansion and purchasing experience provision to overseas customers. Asia sales reached ¥789 million, accounting for 52.6% of the total, making it the key market.

The number of monthly active shops reached 1,335 as of the fourth quarter (an increase of 32 shops year-on-year for the same quarter). Through the addition of new features such as "WorldShopping Professional Translation" and "Shop Dashboard," the company supports the sales capabilities of domestic EC operators, driving both upselling to existing customers and acquisition of new customers in parallel.

The number of monthly repeat customers reached 6,306 as of the fourth quarter (an increase of 366 customers year-on-year for the same quarter), and GMV for FY2026 (ending May 2026) increased by ¥454,939 thousand year-on-year to ¥6,928,875 thousand. The company continues to capture inbound demand from visitors to Japan and implement measures to expand awareness among overseas customers, aiming for sustained GMV growth.

Through participation in the Japan Cross-border EC Association (JACCA), the company is building a framework for strengthened industry-wide collaboration and promotion of cross-border EC adoption. Leveraging the structure whereby overall market expansion directly translates into increased demand for the platform, the company aims to establish indirect competitive advantages through industry standardization and promotional activities.

Last updated: July 17, 2026