Singles’ Day is the biggest shopping holiday you’ve never heard of.
It was first observed in China on November 11, 1993 and is celebrated by single people everywhere. In 2009, e-commerce giant Alibaba launched an annual Singles’ Day sale. The event was a success and a decade later, Singles’ Day is now the biggest shopping holiday in the world.
Every year, the event draws in four times the number of shoppers of Black Friday and Cyber Monday. On Singles’ Day in 2017, Alibaba set a record for the most transactions with 256,000 payment transactions being processed every second. By the end of the day the website had sold $25.4 billion worth of goods.
On Singles’ Day in 2017, Alibaba set a record for the most transactions with 256,000 payment transactions being processed every second.
American businesses have realised its potential and have started to host their own Singles’ Day events. For now, this is limited to larger retailers but it’s time small businesses took advantage of the opportunity. If you’re already doing business abroad, Singles’ Day could be the biggest profit-maker your business is missing out on.
Get ready for the holiday and have your customers flocking to your website with these tips.
Produce Relevant Content
Singles’ Day is still very new to people outside of South-East Asia. If you want customers visiting your website on November 11, you’ll have to give them some relevant information first.
Telling them about the holiday and why it’s so fun for them is a great start. Until you’re ready to disclose your discounts, keep the content regarding the holiday on activities people can do by themselves or with their families.
Create a Discount Countdown
Anticipation is a tool most retailers don’t use enough.
During this Singles’ Day, don’t reveal details of your discounts until a few hours before November 11th. Instead, hint at it, teasing your customers with the most popular products on your website. If done right, curious customers will be visiting your website on the day of to find out if their favourite products are on sale.
Even if they aren’t, chances are the discounts will encourage them to buy something else.
Prepare Your Website
Shopping holidays can be a great opportunity to take your business’ account balance out of the red. But if your website isn’t ready for the influx of users, your profit dreams could be over before they’ve even begun.
Make sure your website is optimized for mobile users as many would-be customers browse products on their mobile devices.
Make sure your website is optimized for mobile users as many would-be customers browse products on their mobile devices. Additionally, ensure your front and back end are ready for the expected increase in transactions.
Make Sure You Have Inventory (and a Plan)
This may seem like a no-brainer, but you need to stock up on more product than normal. Running out of stock in the middle of the sale could put off curious new customers or worse, your regulars.
On the other hand, ensure you have a backup plan for if the stock doesn’t sell. Getting stuck with too much product could result in big losses for your small business.
Communicate With Your Distributors
If you’re doing business internationally, Singles’ Day can be the biggest day of the year for your business. To prevent any regrets, you and your distributors should be on the same page. Be clear about your intention to participate in the sale, and how much of your stock you’re hoping to sell.
To prevent any regrets, you and your distributors should be on the same page. Be clear about your intention to participate in the sale, and how much of your stock you’re hoping to sell.
Choosing dependable payment processors will also prevent any confusion or mistrust about funds. Most small business send their money to international contractors through banks wires.
But wires are unreliable with their slow processing speeds and the high cost of sending or receiving the funds.
If you and your distributors want a headache-free sales day, you should switch to Veem.
Veem allows you to send and request international payments with just a click. You can track all your transactions and save a lot of money, since Veem charges no wire fees and offers competitive foreign exchange rates.
Sign up for a Veem account today and watch your small business grow.