Need to accelerate your sales before 2019 comes to a close? Singles Day can be the answer. Singles Day is easily the biggest and shopping holiday of its kind in the APAC region. You would be mad to not capitalize on this enormous sales opportunity.
Get the latest data on this mega shopping day, and then put these 6 singles day tips for retailers into action today to make sure you get the most out of this remarkable retail phenomenon.
Singles Day Fast Facts
- “Alibaba” popularized the “single sticks” (11/11) holiday in 2009, and have commercialized it into the biggest shopping event of the year.
- Singles Day is the biggest online shopping event globally with sales trumping Black Friday and Cyber Monday combined. It generated over US$30 billion in sales for online retail giant Alibaba in 2018. Other retailers who have piggybacked on the event have sold billions more.
- While it began in China, Singles Day has become a shopping event with an impact across Southeast Asia, Australia, and more. Because Alibaba is a sales platform rather than a retailer per se, it’s been relatively easy for millions of retailers to get on board. Now even European retailers are creating Singles Day shopping promotions on and off the Alibaba platform.
- Alibaba has taken Singles Day global by popularizing offers across its massive e-commerce platforms, including its Taobao marketplace, AliExpress International, Tmall and Lazada.
- While great deals are a part of Singles Day, it is different from an offer-centric “doorbusters” holiday like Black Friday. It is more of a shopping experience rather than just advantageous online offers.
- While Alibaba is at the center of this event, this is no exclusive promotional opportunity like Amazon prime Day
Now that you see how big it is, it’s time to stop umming and ahhing about your Singles Day sales plan. Here are some simple, actionable ways to make the most of this shopping bonanza event.
Start with Some Research
This is a key step when approaching any major sales-driving opportunity. Basic research will allow you to get a better understanding of the significance of Singles Day in your trading area and collect some initial data for post-event reporting.
If Singles Day was a factor for you the previous years, ask your research team Who bought? What sorts of shoppers took advantage of Singles Day in the past? What did they buy? How much did they spend? What sorts of goods did they choose? If you’ve never had a Singles Day effort before, do some searches on how competitors have capitalized on the event. Then take a look at your product assortment and make some hypotheses about what sorts of goods might do well for you.
Talk to Your Top Partners that Participate in Singles Day
Talk to your top partners that participate in Singles Day and discover what has worked best for them in previous years. Partners love sharing this sort of information because it can help you develop programs that are even more mutually beneficial in the future. It will ensure you are both aligned on the goals and targets you hope to get out of the event.
Using insights from your top partners, be strategic and develop bespoke programs and offers for them in accordance with Singles Day.
If you are looking to maximise your sales on Singles Day, you may want to consider tenancies on partner platforms. This could be in the form of paid advertising campaigns and/or email campaigns to boost awareness and drive e-commerce sales throughout the shopping event.
Make Specific Singles Day Offers
Create Singles Day specific offers and messaging centered around the event. Offers such as limited time promotions leading up to and on event day and high-value discounts tend to work well. It’s a day where people are actively seeking out offers, so get creative. And don’t simply assume that you have to lead with rock-bottom prices to participate. There are a number of ways to maximise sales on the day. Thematic ties to being single have been shown to be extremely effective without breaking the bank.
Develop Singles Day Content
Build awareness and excitement around the day with Singles Day specific content. Have content ready to go both leading up to and on the actual day. Remember that beyond just amazing offers and discounts, you can make the day a fun retail experience for your customers. Using technology and social media, there is an opportunity to create interactive content and communications enhancing consumer excitement around the day and the online shopping experience.
Other content you may want to consider for Singles Day are front page features, special ads for partner marketing, and dedicated articles and pages to promote across your website and social media channels. Online retailers should take an integrated approach to their Singles Day content messaging across channels.
Leverage Your Email and Other CRM Programs Including SMS
Whether it is your first time running Singles Day promotions or it's long been a major sales-driving event in your calendar year, it is important to make sure your database is aware of the great offers you are running. Leverage your CRM database through email and SMS messaging leading up to and on the actual day of the event.
For international brands that are looking to create a long-term presence in Asia and build brand engagement, Singles Day is far too potentially valuable for your business to ignore. The Chinese market is often perceived as hard to crack for international retailers, however, Singles Day participation is a great way to break the ice. You can read more about expanding your business into China here.
Using the 5 tips listed above, you will be able to ensure you have a strategy in place in order to maximise online sales and enjoy the rewards Singles Day has to offer. If you are after more ways to boost holiday sales, check out some simple tips here.