Retailers that still don’t believe they have anything to learn from Singles Day may have a long road ahead if they want to stay competitive.
The 24-hour shopping extravaganza, held on Nov. 11, brought in $25.3 billion in sales (or gross merchandise value), up 39% compared to 2016. In addition to more than 140,000 Chinese brands and 60,000 international brands participating in this year’s Singles Day event, 225 countries and regions completed transactions throughout the day.In one day, this event eclipsed the $12.8 billion in sales that happened between Thanksgiving and Cyber Monday in 2016. So what exactly sets Singles Day apart from the biggest shopping weekend here in the United States? For one thing, too many domestic retailers still rely on deep discounts to attract shoppers. While Singles Day had its share of promotions, these alone will not lure shoppers. Singles Day is all about putting the customer first and making it enticing for them to shop. As retailers prepare for the make-or-break Black Friday shopping weekend, they too need to look beyond one-day sales, exclusive sneak peeks and door busters. Here are a few ideas worth considering... (Read More)