Singles’ Day: The Genesis
According to Investopedia, Singles’ Day began in 1993 as an anti-Valentine’s Day celebration at Nanjing University in China. While there are many theories, the most popular one is that four single male college students with no significant others chose November 11th to celebrate being single. Since then, Single’s Day has grown to be the biggest day of online shopping, beating Black Friday and Cyber Monday sales combined.
The development of daily sales
Popularized by Alibaba as a 24-hour shopping event in 2009, Single’s Day sales reported modest results, with only 27 brands achieving gross product value (GMV) of $ 7.8 million. In 2019, just a decade later, Alibaba, one of the world’s largest e-commerce providers, posted one Gross Merchandise Value (GMV) of $ 38.3 billionThis corresponds to a sales increase of 26% in 2018.
All single ladies (and guys)
As more and more people feel empowered by their uniqueness, it’s no wonder companies around the world quickly recognized the sales and marketing potential of Single’s Day. Single’s Day is no longer a fair phenomenon that is confined to China’s borders. It has spread to Southeast Asia and is gaining popularity around the world.
Single’s Day: A Look at the Numbers
And with the expansion of an emerging middle class and smartphone users worldwide, Single’s Day sales are on the rise. To give you an idea of how the e-commerce event reached epic proportions, these are some of the things you should look into Single’s Day sales Statistics:
- The first $ 1 billion in sales in China were generated in just 68 seconds.
- In 2018 people of over 230 countries placed online orders on Singles’ Day – a 2% increase in a year.
- In 2019, Southeast Asian e-commerce provider Lazada was owned by Alibaba in Singapore, Vietnam, Indonesia, the Philippines, Malaysia and Thailand. Booked 3 million orders in the first 1 hour.
- Bol.com, the Netherlands’ largest e-commerce player, jumped on the Singles’ Day Sales Bandwagon in 2017. It became so popular that in 2019 it turned sales into a six day event.
- Swedish electronics retailer Elgiganten launched its Singles’ Day sales in 2017. It turned out to be so profitable that it expanded to all Nordic countries by 2018.
- 180,000 international Retailers and brands sold to Chinese online buyers. These brands are based in countries such as Japan, the United States, South Korea, Australia, and Germany.
Single’s Day sales potential
If you’re an established brand that attended Singles Day, you know firsthand the transformative power of a successful marketing campaign on this epic day of e-commerce. If you’re an up and coming brand, Single’s Day can represent up to 25% of your annual sales.
Single’s day ideas to win customers’ hearts
What will Singles Day look like in 2020? This year, as many economies recover and more people shop online and mobile for the first time, you need to reconsider your situation Single’s Day Marketing Campaigns to stand out in a crowded ecommerce space and vie for digital traffic.
Singles’ Day Sales Insights
With more retailers entering the Singles’ Day Sales Space, what’s popular this unprecedented year, may change, but here are the top-selling product categoriesL
- Beauty products
Here’s a high-level look at what you need to know to win big on Singles Day:
Start early. The early bird gets the worm, or in this case the customer. To be one step ahead of the competition, Single’s Day Marketing Ideas and planning should include an analysis of:
Data and statistics. If you attended last year what were yours Single’s Day sales? Where did you do well? Where did you miss opportunities? What can you do better this time?
Market trends. COVID-19 has changed the way we live, work and shop. What trends should you know in the market? Do your customers mainly shop on their desktop or mobile phone? Are you interested in social media shopping? Are you interested in a specific product or design trend?
Tech-led engagement strategies. Even the best Single’s Day Marketing Ideas Without the right technology tools and strategies to support them, there won’t be much traction. Evaluate your technology. Where do you see gaps? Where do you see opportunities?
Innovative single’s day marketing. Same old, same old won’t make it this year where every day feels like a huge ecommerce sale. You need different strategies to attract new customers and to win over existing customers again and again.
Marketing and sales trends for Singles’ Day
To prepare for this year’s highly competitive Singles’ Day, here are some things to keep in mind:
It is a short span of time for the shopping window: Singles’ Day is a 24-hour event with marketers having a tight sales window.
The competition is tough: As the event becomes global, retailers need to come up with something Marketing ideas for Singles’ Day These are relevant and hyper-personalized to attract and leverage strategies to convince and convert their audiences.
Mobile is becoming a shopping medium: Marketers need to use their mobile and omnichannel marketing strategy properly to ensure a great customer experience on Singles’ Day.
Strategies to stand out on Singles Day
Ready to break the noise and delight consumers in a crowded market? If so, you are ready for these 5 killers Singles Day Marketing Tips.
# 1 Convert new online buyers into repeat customers
COVID-19 has fundamentally changed the shopping behavior of millions of people worldwide. When lockdowns went into effect and social distancing became the norm, in-store shopping came to a standstill. Customers who had traditionally turned to brick-and-mortar retail switched to online and mobile shopping as a safer and more convenient option.
As a result, e-commerce companies are flush with new consumer data. Of course, they want to make the most of it, but how can these companies convince first-time online shoppers to come back and convert to repeat business? Single’s Day is an ideal opportunity to proactively engage and nurture these buyers.
Insider solution: architect
Recurring customers are critical to marketers as they generate higher ROAS (Return On Ad Spend) and greater customer lifetime value. Insider’s Architect solution uses AI and personalization to engage shoppers when they are most likely online through push notifications, emails, and targeted social media ads on their favorite channels.
Single’s day marketing improved with AI
Let’s look at an e-commerce grocery retailer that saw a massive surge in orders during the COVID-19 lockdown. With Single’s Day around the corner, they want to capitalize on new business.
As restrictions eased and local supermarkets opened up, the e-commerce grocer realized that many of the new customers it had gained during his time at home could return to brick and mortar shopping if he didn’t act quickly.
The e-commerce grocer didn’t want to lose this lucrative buyer segment and launched an engagement campaign to convince and convert its new cohort of online shoppers.
The company sent out push notifications with discounts, fresh food offers, and super-fast and convenient delivery options.
Assume the target user did not respond to these offers. The Insider Architect solution allows the ecommerce grocer to send emails to customers who have not converted.
With detailed farm-to-table food information, handy ready-made meals, and popular household cleaners, most users are likely to respond positively and land on the ecommerce grocer’s website where they can learn more about products that are making their lives easier and easier more convenient.
When the targeted customer segment arrives at the e-commerce grocer’s website, they are greeted with a personalized website that suits their needs and interests. The tailor-made experience increases the customers’ likelihood of buying and increases conversion rates for the e-commerce retailer.