On November 11, retailers in China and across the world will be participating in Singles' Day, the 24-hour online shopping extravaganza that has now expanded beyond Alibaba.
Sales across Alibaba Group are expected to surge 26% to a record $23 billion USD, according to global consulting firm Oliver Wyman, and other retailers have been quick to get in on the action - 235 countries and regions will be involved in cross-border transactions this year.
Jacques Penhirin, partner and managing director of Greater China at Oliver Wyman said,
“With all of China on the lookout for a deal, Singles’ Day remains relevant for companies seeking to win new customers"
This year Tmall will bring 100 Chinese brands overseas and offer special promotions to target millions of consumers around the world.
CEO Jack Ma told CNN in 2016:
“We want to make this a global holiday, a global festival for every consumer"
Here are some key insights into Singles' Day for retailers:
- A separate survey of 900 Chinese consumers by online market researcher Lightspeed found that 60% will try new premium brands that are normally out of reach at their regular prices
- 74% of respondents said they will spend the same or more than last year
- Singles' Day generated $18 billion USD in sales in 2016, compared to Black Friday which had $2.74 billion USD
- It's 18 times bigger than Amazon’s Prime Day and over 2.5 times bigger than Black Friday and Cyber Monday sales combined
- This year 140,000 merchants will take part in the promotion with some 15 million products discounted
It's clear Singles' Day is growing each and every year but the question remains: will it become a true worldwide shopping event? It's looking more and more likely.
Don't miss out on worldwide shopping events because you are not ready for cross-border purchases. If you tailor your checkout to match the preferences of global shoppers, you can build trust that will continue after the event and beyond.