Singles Day started back in the 90’s originally as an anti-valentines day, however; after a Marketing campaign in 2011 by e-commerce giant Alibaba, it has become world famous and is now also known as 11:11 – an annual shopping event!
Last year, Chinese shoppers spent a massive £14.2bn in just 24 hours with British businesses alone recording a +19% uplift in sales! It has become somewhat of a shopping festival – retailers offer discounts and shoppers significantly upturn their usual spend.
The weakened pound joined with the rising purchasing power of the Chinese consumer has steered to forecasts of this year’s event to be even more successful than the last. World pay revealed that last years event grew by 39% globally and are predicting this year’s event to be even bigger.
British retailers have a massive opportunity to capitalize on this event and the willingness to spend from international shoppers. With BREXIT having a challenging effect on sales for some UK retailers, this is an excellent opportunity to capture an international consumer base, not only for a big day of sales but repeat custom.
To encourage repeat spend and high average transactions on the day, the shopping experience cannot be compromised. Website hosting providers need to be prepared for the increase in traffic; retailers need to have a fast and efficient delivery strategy in-place and brands need to be marketed appropriately, utilising local trends!
With China being well-known for its revolutionary technology developments, it is vital brands online stores are mobile friendly. The Chinese consumers are extremely tech-savvy, they are often first to have the latest technology so they will expect UK brands to be compatible with whatever device they are using. Innovative campaigns and apps could make a massive difference in consumer interaction, engagement and ultimately, spending!
If retailers impress, China singles day could be an excellent way to enter a brand into international markets!
Black Friday is also looming (24th November), so retailers are in for a busy few weeks of sales, not to mention Christmas shoppers starting early…