As an affiliate marketer, what would you say to $14.3 billion in sales in 24 hours, $1.4 billion of which occurred in just the first eight minutes of sale day? Or what about 120,000 estimated orders per minute?
If these numbers sound like the music of your retail dreams, you might want to mark your calendar for November 11. Why? Because these numbers came from last year’s celebration of the world’s largest shopping day, China’s Singles Day. And it’s all set to happen again on November 11, 2016.
While it is now best known as a marketer’s vision of paradise, Singles Day began humbly enough in 1995 as a modern alternative to Valentine’s Day. Figuring that couples should not be the only ones to enjoy a special day, Chinese students decided to use the day to celebrate their single status.
It did not take long for the day to morph into a serious form of retail therapy, with Chinese singles treating themselves to a treasure trove of retail goodies. Alibaba, China’s e-commerce giant, co-opted the celebration in 2009 by offering singles huge discounts on a wide variety of products in what was the first-ever Alibaba Singles Day promotional campaign.
It worked exceptionally well. By 2009, Singles Day netted a cool $5.1 million. Singles Day took a new direction, embracing both singles, couples, and family groups, and eating up the marketing landscape in the process. By 2013, sales were up to $3.5 billion. By 2014, that number climbed to $9.3 billion. And of course, 2015 saw sales of $14.3 billion as noted earlier.
So, what’s in store for this year? It’s estimated that more and more international marketers will pour effort into snagging the attention of the over 600 million internet users in China to ensure that consumers spend at least some of their money on cross-border shopping.
Additionally, some affiliate marketers are banking on the likelihood that Singles Day will become even more of a global phenomenon, causing an international target audience to enter a collective buying frenzy on November 11.
What can you do to make the most of this massive selling event? As with any marketing opportunity, you have to first understand the marketplace. This may present a bit of a challenge, as some of the more familiar marketing strategies you may be using currently will not work in China.
For instance, social media plays a huge role in purchasing decisions for Chinese audiences. Melissa O’Malley, director of global merchant and cross-border trade initiatives at PayPal, notes: “Sharing what you bought is very important in China. It’s a very social- and mobile-driven culture, and that tends to go along with people looking at influencers.”
Does that mean that all you have to do is fire up your Twitter strategy and do a bit of Facebook promotion? Surprisingly, the answer is a resounding “no.” O’Malley adds: “Understanding the dynamics of the Chinese social media landscape is very important. It is so different from what Western retailers are used to doing.”
The dominant social media platform for Chinese consumers is WeChat. WeChat has similarities to social media platforms like Facebook and Twitter, but there are significant differences as well. AdAge notes: “It is everywhere and seemingly does everything. With Whatsapp-type messaging, an addictive Facebook-like news feed called Moments, a PayPal-like wallet, mutual fund products, taxi ordering, restaurant reservations and many other built-in applications, WeChat is more than just another social platform, it is an indispensable social media Swiss army knife that melts the lines between online and offline.” And to tap into Chinese social, you must learn how to use WeChat in your affiliate marketing strategies.
While social media marketing may be different, there is one thing that is the same. A whopping 71 percent of purchases on Singles’ Day were completed on mobile devices. What does this mean for your affiliate marketing strategies? Simply put, make sure your ads and marketing materials look great and respond correctly on mobile.
What types of products sell best on Singles Day? Beth Baratte, Director of Sales & Merchandise Partners at Dealmoon.com specifically mentions beauty and fashion products as being fast movers. What if that is not your niche? Not to worry. Baratte continues: “Honestly, the success of the campaign is based on the quality of the offer provided. We welcome strong offers in all categories. Providing the best offers possible makes all the difference.”
With such frenzied shopping in one 24-hour period, it is essential that you have a way to process payments quickly and easily. Payoneer’s payment processing solution is helping affiliate marketers achieve success every day with easy, painless payment processing globally.