The e-commerce extravaganza, Singles Day, was a huge success for online retailers with Alibaba bringing in more than US $74 billion alone. The annual mega-hit saw sales increase 26% year over year for China’s e-commerce giant, due in large part to the pandemic.
In a sign of good news for the rest of the region, this year’s massive haul reached far beyond China’s borders as the Singles Day phenomenon continues to permeate throughout Southeast Asia. Shopee, the Singapore-based platform saw a near 200% increase in the number of products moved compared to last year. Lazada, which is based in Singapore as well and owned by Alibaba, sold twice as many items in the first hour of the day as it did in 2019.
“Singles’ Day has also begun to extend beyond China, with e-commerce platforms in Southeast Asia and, indeed, globally getting involved and seeing an increase in sales as a result. Crucially, brands will need to consider how to invest in the event beyond just price discounts, exploring options like product launches and innovative e-commerce services such as live-streaming,” said Roxana Alam, Senior Strategist, FutureBrand London.
“E-commerce sites are already having to evolve their offering to keep up with Singles’ Day which is indicative of the integral role the event could play in the future of the landscape.”
For Lazada, this year’s Singles Day featured more than 350,000 brands and sellers across Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam making it the platform’s biggest one day sale ever.
“This has been a pivotal year for many businesses, and 11.11 will be a new experience for many who have embarked on the eCommerce journey. These year-end mega shopping festivals will be opportunities for brands and sellers to acquire new customers and boost their sales performance,” said Lazada Group’s Chief Executive Officer, Chun Li.
As more consumers move online, the future outlook for the shopping event looks positive. Analysts predict it will continue to grow.
“Longer-term, Singles’ Day is set to have a wider impact on e-commerce in general. Oliver Wyman has predicted that the cyber event will eventually take place all year, not just November, with shoppers indicating they are inclined to shop more frequently with brands they buy from on Singles’ Day. This alone demonstrates the massive opportunity for businesses to capitalize on this event,” added Alam.
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