Most UK marketers failing to capitalise on lucrative Singles’ Day sales opportunities

Research shows that three fourths of all UK marketers are missing global opportunities, especially when it comes to Singles’ Day. Is yours one of them?

The marketing experts at Rakuten Marketing reached this surprising conclusion using research carried out by Morar Consulting, and it points to a tremendous missed opportunity on the part of many UK businesses. Singles’ Day is just around the corner, and Rakuten reports that 74 per cent of UK marketers are only focused on their local market, even as many acknowledge the potential of Asia Pacific shoppers.

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Singles’ Day 2017 Spending Shatters Records at $25bn

Singles’ Day continues to outperform itself as this year’s version of the popular sales day saw spending exceed $25 billion, obliterating records set in previous years. While past growth trends pointed to another record-breaking year, the extent to which it smashed previous records still came as a surprise to many observers.

The annual event, which is held on November 11, was started as a way to honour those without partners. The original idea was for single people to treat themselves to a present, but the discounts have gotten so steep that many people shop on this day for gifts as well. Singles’ Day is largely promoted by the Chinese e-commerce behemoth Alibaba, but many other retailers are also on board with the sales. (more…)

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How Singles’ Day Performed in 2016

Singles’ Day gets bigger every year, and 2016’s figures leave no doubt that the event is a huge success. The total sales for the day were a record-setting $17.8 billion in gross merchandise volume (GMV) on Alibaba’s platforms alone, which is a remarkable 32 per cent rise over 2015’s figure of $14.3 billion.

However, this fell short of the forecasted $20 billion that media reports were expecting, and the overall growth didn’t quite hit the levels seen the year before; Singles’ Day GMV rose 60 per cent between 2014 and 2015. Retailers also reported that the cost per order dropped slightly from 2015.

The 2016 sales figure of $17.8 billion is even more staggering when you consider the fact that just three years earlier, Singles’ Day noted $5.14 billion in sales. Now they can hit that amount in just one hour.

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Which UK Retailers Take Part in Singles’ Day?

November is a great sales month in the UK thanks to Black Friday and Cyber Monday, but brands that don’t think globally are missing out on an even bigger opportunity in the form of China’s Singles’ Day, a 24-hour shopping event that far exceeds the sales figures notched up by retailers on Black Friday and Cyber Monday combined.

What began as a day to buy yourself a gift to celebrate being single in China has evolved into a day of record-setting sales, and more and more UK retailers are getting in on the act.

PayPal Global Merchant Initiatives Director Melissa O’Malley points out that the UK is the second most popular overseas online destination for Chinese shoppers. She added that they spend nearly three times more per transaction and are twice as likely to make repeat purchases, making this an opportunity that is too good to pass up.

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Singles Day’ vs Black Friday

Singles’ Day and Black Friday are often mentioned in the same breath, and the two days of record-breaking sales do indeed have a lot in common. However, it is a mistake to assume that you know everything about Singles’ Day if you’re already familiar with Black Friday. The truth is that these two famous shopping days have some important distinctions.

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