Are You Missing out on the Massive Revenue Potential of China’s Singles Day?
This blog post is part of our 2018 Holiday Planning series. Be sure to check back often or, better yet, subscribe to the blog to stay updated with this year’s latest holiday trends, tips, best practices, reports and more!
Looking for a new way to get ahead of the competition this holiday season?
No doubt you’re already making plans and preparing promotions for Black Friday and Cyber Monday. After all, the latter did reach an all-time record as the largest online shopping day in US history with $6.59 billion in sales in 2017.
And yet, that still pales in comparison to what happened a few weeks before.
On November 11, known in China as Singles Day, marketplace giant Alibaba recorded $25.3 billion in gross merchandise volume. Sellers reached the accumulative $1 billion mark within an astounding two minutes.
Now that’s a shopping holiday to participate in.
In case you haven’t heard, China’s Singles Day is no longer just for Chinese retailers. More than 40% of last year’s sellers came from outside China, with many US brands among the day’s best-selling.
So if you haven’t yet tapped into the massive revenue potential of the world’s largest shopping holiday, it’s time to incorporate a promotional plan for Singles Day into your seasonal strategy.
Remind Me: What Is Singles Day?
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, Alibaba capitalized on the day’s potential by trademarking the name and turning it into an online discount shopping event. What started in 2009 with just 27 participating marketplace merchants has exploded to thousands of sellers promoting items across a vast range of categories.
In 2017, 140,000 sellers listed 15 million products and processed 812 million orders — all within a 24-hour period.
Why Should I Participate in Singles Day?
Singles Day offers a mountain of revenue potential for US-based sellers. Here’s why:
- China is by far the world’s largest e-commerce market, with annual sales approaching $1.53 trillion.
- 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, Estée Lauder and Nike were among last year’s top sellers.
How Do I Capitalize on Singles Day?
Like many of today’s cross-border trade opportunities, 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.
If you’d like to learn more about this massive opportunity, fill out this form to talk with us about selling your products in China today.
Editor’s note: This blog post was originally published on August 30, 2017 as part of ChannelAdvisor’s holiday planning series. It has been updated for accuracy and comprehensiveness.