We’re off to a fantastic start to the New Year, and it will only get better for customers across South East Asia as we approach Singles Day.
So, when is Singles Day?
It takes place on November 11th every year and ushers in the beginning of a frenetic shopping season.
The fascinating history of Singles Day
In the US and Canada, the holiday shopping season kicks off with Black Friday, Cyber Monday, and continues through to the Christmas shopping spree.
But in Asia, it’s all about Singles Day. So, let’s crunch the numbers to just how important a day Singles’ Day really is.
- Singles’ Day is a shopping holiday that originated in China and has become increasingly popular across Southeast Asia.
- E-commerce platforms like Lazada, Shopee, and Tokopedia offer discounts of up to 90% on a wide range of products, including electronics, fashion, beauty, and home goods.
- Singles Day has become a significant revenue generator for logistics and delivery companies, who handle the surge in orders during the shopping event. For example, in 2019, a Chinese delivery firm, SF Express, delivered more than 700 million parcels in the week leading up to Singles Day.
- Livestreaming has become a significant part of Singles Day, with celebrities and influencers showcasing products on behalf of e-commerce sellers. For example, in 2020, the Chinese’ King of Lipstick’ Li Jiaqi sold more than $145 million worth of goods in just two hours during Singles Day.
- Some of the most popular items sold during Singles Day include smartphones, laptops, fashion items, and beauty products. In 2020, Apple and Xiaomi were among the top-selling brands during the event.
- The event generated an estimated $1.1 billion in sales within the first hour of the shopping festival in 2021. Total 2021 revenues for Singles’ Day topped $134 billion in online transactions.
- While growth slowed through 2022, Singles’ Day generated an estimated $140.5 billion for the first time.
- Brick-and-mortar stores have also joined the shopping event to attract customers.
- Companies have launched their marketing campaigns and promotions to promote Singles’ Day sales and offer deep discounts to customers.
- To handle the surge in orders, logistics, and delivery capabilities are dramatically ramped up.
- McDonald’s in Singapore has also offered discounts on its delivery platform during Singles’ Day in the past.
Single shoppers often feel lonely on Valentine’s Day – so why not celebrate Single’s Day!
Single shoppers across SE Asia are eagerly gearing up for Singles’ Day 2023, the biggest shopping season of the year, but many cross-border e-commerce sellers still need to learn more about it. So, if you’re among the e-commerce sellers looking to take advantage of this lucrative date, here’s what you need to know to make the most of it.
Singles’ Day began in 1993 as a celebration of being single among Chinese students.
They chose November 11 as the date for this occasion because it’s made up only of ones (11/11).
It has since evolved into a mega shopping event, with e-commerce platforms such as Lazada, Shopee, and Tokopedia offering insane discounts of up to 90% on a broad range of products, from electronics to fashion, beauty, and home goods.
Despite its growing popularity, some cross-border e-commerce sellers may still need help to take advantage of the opportunities presented by Singles’ Day.
It was designated as the perfect foil to Valentine’s Day, a self-dedication for single shoppers that has become the single biggest shopping event of all time.
Singles’ Day customers exchanged gifts to commemorate their status as singles. Ironically, the holiday has become a day to bid farewell to being single.
Instead, it’s a day when single shoppers can celebrate and embrace their new beginnings as couples. Nowadays, more weddings occur on Singles’ Day than on any other day of the year.
Singles’ Day also offers an excellent opportunity for cross-border e-commerce sellers to reach new customers and increase sales.
By following these tips and being prepared, it’s possible to make the most of this fun and profitable shopping season
Source: ChinaSkinny Singles Day Shopping eCommerce Trends
10 tips to boost your Single’s Day sales
With such fanfare around Singles Day, e-commerce sellers must plan to maximize gains.
We’ve compiled a list of 10 points to ensure optimal sales and maximum reward.
- Get an Early Start: Prepare for Singles Day sales before November 11. Register for Singles Day as soon as possible and plan your sales strategy in advance.
- Boost Your Social Media Presence: Leverage social media platforms like WeChat and Weibo to build a following and promote your store. Use online chat groups to offer exclusive discounts and early access to deals.
- Plan Your Online Content: Create engaging content to attract customers to your store, such as live unboxings, mini-fashion shows, or influencer collaborations.
- Review Your Inventory: Use social listening tools to track social media chatter about this year’s top items and ensure you have enough stock to meet demand. If you’re short on cash, consider leveraging Payoneer’s Working Capital program to access funds.
- Refine Your Shipping: Offer free shipping and returns to appeal to online shoppers. Work with reliable logistics and delivery companies to ensure your shipping times are as fast as possible.
- Be Responsive: Respond to customer inquiries quickly and effectively, even at night. Consider hiring additional customer support staff or leveraging chatbot plugins to ensure rapid response times.
- Plan for Reordering: Use automated reordering tools to prevent stockouts and avoid disappointing customers.
- Test Your Online Store: Ensure your website works properly, with no broken links or lengthy checkout forms that could frustrate shoppers.
- Use Promotions and Discounts: Offer exclusive promotions and discounts to attract new customers and encourage repeat business.
- Leverage Payoneer’s Services: Payoneer’s Working Capital program and cross-border payment solutions can help maximize your profits during Singles Day.
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Singles Day presents a unique opportunity for e-commerce sellers to attract new customers and increase their sales.
Payoneer is here with payment solutions to help you make the most of Singles Day and all other major shopping events to help your business grow.
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