Are you ready for China Singles Day?
From an occasion for singles to party and mingle with other unmarried friends in the 1990s, to the world’s top-grossing online shopping holiday, China Singles Day boasted a massive $9.3 billion in sales in 2014¹.
According to Worldpay data, in 2014 Singles Day attracted customers from 217 countries, recording 278 million orders from approximately 27,000 domestic and international online players. And with an increase in sales of 455% year-on-year from 2013, this year’s 11/11 promises to continue the trend, blowing Black Friday, Cyber Monday and Boxing Day out of the eCommerce water².
But what do retailers need to consider when planning their Singles Day strategy? And what do Chinese shoppers really look for when scrolling through the sales?
According to transactional data from Worldpay, 2,123 transactions were made every minute last year from retailers who offered sales of up to 90% off the regular retail price³. For this year’s sales, retailers need to ensure they’re beating off the competition with attractive promotions on sought-after items whilst utilising marketing channels to reach local shoppers on their terms.
And to further drive conversion at the checkout, it’s essential to prep your website to appeal to the needs of local shoppers.
Our recent research into shopper preferences in China found security to be a huge concern for shoppers. The issue manifests with 69% of consumers feeling more secure making a purchase from a well-known website or reputable brand, as well as the desire for payment methods and authentication logos to be visible from the homepage right though to confirmation4.
When viewing products, displaying prices in Chinese yuan as well as the local currency of the retailer increases brand security perception. This can be a delicate balance, as seeing prices displayed in the local currency of the retailer offers shoppers reassurance that the branded goods they’re buying aren’t counterfeit, while at the same time, 93% of shoppers consider basket abandonment if they can’t convert to Yuan5.
It’s also never too early to think about strategy for 2016. Retailers looking to turn their Singles Day buyers into loyal shoppers should consider also implementing local live chat capabilities (the country’s most preferred payment support option), as well as developing a user profile option. For Chinese shoppers, a simple and fast shopping experience is highly-valued, and with clearly visible data policies, 70% of shoppers would consider storing their personal details on-site in order to make the next purchase easier.
With a few tweaks to the user journey taking into consideration local shopper preferences, retailers will be better placed to make it big on Singles Day.
¹Forbes Asia, 2014.
²Worldpay transactional data, 2014.
³Worldpay transactional data, 2014.
4Online Payment Journey research, Worldpay, 2015
5Online Payment Journey research, Worldpay, 2015