- Singles Day
Until recently, Black Friday has been the “must do” shopping event for British retailers, eager to cash in on the mass of frantic shoppers searching for a bargain.
However, the Chinese equivalent, Singles Day, created to celebrate single people on 11th November, is gathering momentum and potentially presenting a bigger sales opportunity for British retailers than Black Friday.
With £11.28bn spent on Singles Day last year, combined with the strong Chinese appetite for British goods, Singles Day has opened up a significant new sales avenue.
So, how can UK SMEs take part?
With a big demand for quality British-made goods from a growing Chinese middle class, the best way to access this ever-growing market is through the e-commerce giant, Alibaba.
The same rules apply on Alibaba as they do on Amazon. If you sell something unique to the market and are competitively priced, you’re in with a chance.
Alibaba trademarked the term 11.11 and made Singles Day synonymous with people treating themselves to gifts. Last year the 24 hour event resulted in recorded sales of £9.4bn, up 60% on 2014, making it likely that we’ll see a rocket in sales once again.
If UK SMEs wish to enter the thriving Chinese market and engage with its consumers, 11.11 delivers both excellent products accessibility for consumers and huge exposure for brands. Last year’s 11.11 broke eight product-sales world records. These records included selling 10.1m litres of milk, 3.1m mobile handsets, 1.1m watches and 643,964 televisions.
Figures from Worldpay show that the total value of transactions made on UK cards on Singles Day grew 251% year-on-year in 2015. In addition, the volume of transactions rose to 307% so there’s no denying that Singles Day is growing traction among UK shoppers too.
To take advantage of this growing event, marketing and selling the products correctly is vital. Highlight the fact it is made in Britain, that it is a luxury item and its uniqueness. Pictures and accurate description of the item is vital – you don’t want to have to returns from China.
As always when exporting the price of delivery is vital. Sending a parcel through myHermes to China is simple and competitively priced.
You can drop your parcel off at one of our 4,500 ParcelShops or have it collected from one of our local couriers. A full tracked 3kg parcel costs just £38.31 and could be in China in five working days.