In the dynamic landscape of retail, Singles Day (11 November) has rapidly become a key date in the annual peak season, rivalling Black Friday and Christmas.
According to delivery management solutions and strategic growth partner nShift, for retailers aiming to boost revenues both domestically and internationally, strategic planning around Singles Day is crucial for the upcoming 2023 peak season.
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In 2022, the event amassed revenues nearing $130bn, surpassing Amazon’s Black Friday global sales by a factor of ten.
Lucrative surge in European sales
In 2021, Italy witnessed an 80% increase in Singles Day sales while France followed suit with 57%. Germany and the UK also experienced a significant uptick with 35% and 22%, respectively.
nShift post purchase product director Sean Sherwin-Smith said: “Until recently, Singles Day was barely talked about outside of Asia, now European retailers can also enjoy the rewards. They see Singles Day as a means to build their brands in new markets and reach millions of new customers.”
Strategies for success
1. Diverse delivery options
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By GlobalDataRetailers should offer a range of delivery choices to align with individual customers’ preferences.
2. Streamlined processes to eliminate delays
By automating processes such as carrier booking, printing and customs documentation, retailers can ensure efficient cross-border operations.
3. Post purchase customer engagement
Branded tracking experiences could reduce inquiries and initiate meaningful marketing conversations with customers.
4. Tailored returns strategy
Returns platforms should enable retailers to tailor the experience to different customer groups.
From Bachelors’ Day to shopping holiday festival
Originating in 1993, Singles Day (originally Bachelors’ Day) is a Chinese unofficial holiday celebrating not being in romantic relationships.
In 2009, Alibaba launched the day’s first shopping event offering online discounts to boost the brand of its Tmall shopping platform.
nShift stated sales on this date have grown more than 1000% in the past 12 years, making it a significant event on the retail calendar.
