While for most western countries Black Friday is seen as the ultimate bargain shopping day of the year, it is dwarfed by Singles Day. Created in 1993, but harnessed by Alibaba in 2009, Singles Day became a sales phenomenon that swept Asia by storm.
Singles Day 2020 saw Alibaba hitting a huge $56 billion in sales, compared to Black Friday 2019 which saw online retails sales of only $7.2 billion in comparison.
Why was Singles Day 2020 so successful?
The trajectory of Alibaba’s Singles Day has been on an upward trend since 2009 with a modest $8 million in sales growing to $38.4 billion in 2019.
However, 2020 is not a year that’s afraid of breaking the mould, and COVID19 appears to have pushed more shoppers into the digital space.
This new boom for eCommerce businesses is being felt across the globe, and the numbers from Singles Day 2020 suggest that Black Friday will follow with similar growth.
Why is Singles Day so attractive to online shoppers?
Singles Day gives shoppers the chance to save on a wide variety of items, from smaller items such as a pair of socks all the way up to a brand new car. Retailers often offer between 50%-70% off selected items across most of the ranges they stock. This high saving, wide variety approach is attractive to most shoppers.
Is Singles Day exclusively for Asia?
No, each year more predominantly western retailers have been adopting Singles Day as a pre-Black Friday advertising opportunity. Singles Day 2020 saw the likes of BooHoo, Kate Spade, Missguided, Nike and many more offering discount codes.
What benefit is there to sell products with such a big markdown?
The reality is that most companies will make larger than normal profits during Singles Day and Black Friday, but the main benefit, especially in 2020 is data. Companies are able to collect data and use it in the coming months and years to promote repeat purchases and customer loyalty. One day of lower prices can be seen as a small price to pay for a year’s worth of repeat custom.
Let’s not forget that repeat customers are worth more in online sales value, so taking care of your customers is a core strategy for long term growth. This also touches on the importance of customer service and providing each and every user with the greatest experience from browse to checkout.
It’s important to remember that good CTA’s and UX are integral to getting the very best out of Singles Day and Black Friday. If you’re looking for some hints and tips on how to get this right, take a look at our Conversion Rate Optimisation blog.
COVID19 has left a lasting impression on economies across the world. The necessity of online shopping has led to a wider range of products becoming more available to an audience that would not normally rely on retail. The early signals from Singles Day suggest the Black Friday and Christmas sale seasons will be larger than ever before.
Are you ready for the rush?