Singles’ Day 2018: Is your brand ready for the largest online sale of the year?
Singles' Day has taken the Asia Pacific markets by storm, and e-commerce giants like JD, Lazada and even fashion kingpin Zalora are all partaking, making every year bigger than the last. During Singles’ Day 2017, Chinese shoppers bought more products in the first 24 hours compared to the four days between Black Friday and Cyber Monday, making Singles' Day the largest shopping event of the year and a vast opportunity for brands and marketers across APAC.
China has the highest activity during Singles’ Day, but the shopping phenomenon is growing in Hong Kong, Indonesia, Thailand, and the Philippines. According to the Facebook 2017 Holiday Study by Ipsos Marketing, Hong Kong is the first market where Singles’ Day surpassed all other shopping holidays, with 38% of people saying they shopped on that day compared to 22% on Black Friday and 16% on Cyber Monday.
Leveraging Singles’ Day for your brand
Marketers can tap into the Singles’ Day shopping phenomenon by using consumer shopping habits and insights to connect with their customers and gain increased sales by offering massive deals and discounts for a limited period of time, driving high spikes of traffic and transactions.
1) Plan your product offerings
Customers are used to getting exclusive offers during Singles’ Day, for example, 50% off on selected products in a two hour time window. It is not recommended that all products are discounted heavily for the entire day, therefore marketers should consider the product offerings and target market to define the specific product offer(s) for Singles’ Day. The idea is to drive traffic via the most attractive offers, and let customers browse the website for other offers they might find interesting.
As an example, an online insurance client partnered with Lion & Lion for a digital product campaign during Singles’ Day in 2016 where the client provided customers with steep discounts on general insurance products with the objective to drive traffic to a microsite and increase sales.
They gained a 3.5x increase in e-commerce sales during 2016 Singles’ Day across 3 products.
Likewise, a lifestyle furniture client partnered with Lion & Lion in 2017 for their digital Singles’ Day campaign and offered customers selected products at an attractive discounted price for a limited period.
The campaign gained 3.5 times higher amount of sessions (visits) on their e-commerce website for Singles’ Day compared to the rest of November.
Original source: https://www.thedrum.com