Are You Missing out on the Massive Revenue Potential of China’s Singles Day?
Looking for a new way to get ahead of the competition this holiday season? This just may be one of our best suggestions yet …
No, we’re not going to share a new strategy for Black Friday. Or a quick tip related to Cyber Monday. Sure, those shopping holidays remain critical to e-commerce success. But the combined $6.17 billion they brought in last year pales in comparison to what happened a few weeks before.
On one solitary, single day — November 11 — global sellers recorded an astounding $17.8 billion in e-commerce sales.
That single day is known as, well, Singles Day. And it’s the world’s biggest shopping holiday of the year.
Here’s the catch: Despite its massive successes for international sellers, many of America’s brands and retailers have yet to get on board. Which could make 2017 an ideal year to incorporate a promotional plan for Singles Day into your holiday season strategy.
Remind Me: What Is Singles Day?
Some things have changed since the last time we told you about Singles Day, but at its core, the concept has remained the same.
Started by students in China, Singles Day was established in the 1990s as a way to celebrate singledom on the symbolic date of 11/11. It was the anti-Valentine’s Day, complete with exchanges of small gifts.
As Singles Day grew in popularity, Chinese marketplace giant Alibaba capitalized on the day’s potential by trademarking the name and turning it into an online discount shopping event. In eight years, the number of sellers has expanded from an initial 27 marketplace merchants to more than 14,000 international sellers on Tmall, Alibaba’s online retail platform.
Why Should I Participate in Singles Day?
While it’s yet to captivate the American consumer, Singles Day offers a mountain of revenue potential for US-based sellers. Here’s why:
- China is the world’s largest e-commerce market, with sales approaching $1.13 trillion. That’s half of all e-commerce sales worldwide.
- Singles Day shoppers have proven to be big spenders who tend toward high-end purchases — particularly in categories such as apparel, beauty, electronics and home goods.
- Chinese shoppers have long shown an affinity for US products, as evidenced by the fact that Apple, Adidas, Nike and Siemens were among last year’s top sellers.
- Chinese-Americans are among those looking for deals in mid-November, with some reports noting as much as a 900% increase in the volume of online orders by Chinese-Americans in the days leading up to November 11.
How Do I Capitalize on Singles Day?
Selling products internationally to Chinese shoppers may be a lot easier than you think. Why? Because of solutions such as VoyageOne, which has been designed specifically to simplify the process of selling non-Chinese products to Chinese consumers online. Because VoyageOne handles customer service, returns, marketing and more, you can skip over many time-consuming logistics to start selling right away.
Ready to start selling to Singles Day shoppers? If you’re already relying on ChannelAdvisor to manage marketplaces, it’s easy to get started. Our new integration with VoyageOne allows you to sell on Liking, a Tmall Global marketplace that sells goods from US merchants directly to online consumers in China. Click here to learn more and get started today.