Singles Day is a lucrative opportunity for European retailers - joining Black Friday and Christmas as key dates in the annual retail peak season
Retailers looking to grow revenues at home and abroad should factor Singles Day (11 November) into their planning for 2023’s peak season, nShift says today. Established in China 30 years ago, Singles Day is now the world’s largest shopping event.
Retailers across Europe have recently registered sharp increases in Singles Day sales as customers, often from China, seek out the best offers. Sales increased in Italy by 80%, in France by 57%, in Germany by 35%, and in the UK by 22%.[1]
Overall, revenues for Singles Day in 2022 reached nearly $130 billion – ten times more than Amazon’s global sales for Black Friday.[2]
Advances in global distribution means there is no reason European retailers shouldn’t cash in on Singles Day Sales. To make the most of the peak season, including Singles Day, nShift has the following advice for multichannel retailers:
- Offer a choice of delivery options – with retailers now able to serve a global customer base, it is important they give customers delivery choices so they can choose the best option for them
- Eliminate shipping delays by automating key processes such as carrier book and print, and customs documentation. 94% of cross-border shippers have experienced delays at borders due to incorrect item classification and documentation[3]
- Build customer engagement during post-purchase phase – retailers can reduce “where is my order” calls by 60%, and at the same time open new marketing conversations with customers, with a slick, branded tracking experience
- Develop a clear returns strategy. Customers expect simple, flexible returns But terms that are too lenient can be a silent profit eater for retailers. The right returns platforms enable retailers to tailor the experience to different groups of customers – for example, offering easy exchanges to many, but speedy refunds to the most loyal, valuable customers
Sean Sherwin-Smith, Product Director Post-Purchase, 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.
“Those customers will be expecting a compelling post-purchase experience – from having the choice of how their order is delivered, through to how they want to return, recycle, or resell. Retailers which can fulfil all expectations will be rewarded with increased sales and sustained customer loyalty.”
Singles Day dates back to 1993, originally celebrating people who are not in romantic relationships. It takes place on 11 November, or 11/11; the day when a series of single digits stand together. Over the past 12 years, sales on Singles Day have grown by over 1000%.[4]
Visit the nShift Peak 2023 and Black Friday information hub.
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[1] https://www.criteo.com/blog/singles-day-2021-recap/
[2] https://queue-it.com/blog/singles-day-statistics
[3] https://www.avalara.com/blog/en/north-america/2023/08/challenges-of-cross-border-ecommerce.html
[4] https://queue-it.com/blog/singles-day-statistics/
