Table of Content
What is Singles Day?
Singles Day is nothing less than the most important e-commerce shopping day in the world.
It was concocted in 1993 by students from Nanjing University as the answer to Valentine’s day. What has started as a day to celebrate people who are not in relationships, has turned into an event that generates revenue that easily exceeds the yearly gross domestic product of entire countries like Croatia, Slovenia, or Costa Rica.
The important role that Singles Day has taken today can be credited mainly to Alibaba. The Chinese e-commerce giant has made the day what it is now. However, other big e-commerce players like CD.com jumped on the bandwagon early and have been promoting the Singles Day festival through offers and marketing campaigns ever since.
When is Singles Day 2023?
Singles Day is observed every year on the 11th of November. The date (11.11) consists of four “1” which refer to the demographic group of single people.
Facts and figures of Singles Day 2023
Just as in previous years, the existing records for sales, revenue, and like were pushed even further in 2022. However, despite another increase in sales, the growth slowed down on Singles Day 2022 compared to the years before. Let's take a look at some interesting and impressive facts and figures:
- 290,000 brands participated in Singles Day 2021
- In 2022 more than 16.33 million consumers purchased eco-friendly products on Tmall and Taobao.
- Alibaba generated a stunning $84.54 billion USD during the festival
- The top-selling categories in 2022 include electronics, cosmetics, beauty items, pet supplies, house appliances, and fashion.
- The vast majority of sales (90% in 2019) were generated via mobile commerce.
- The top 5 countries selling to Chinese shoppers during 11.11 were Japan, the United States, South Korea, Australia, and Germany.
How is Singles Day different from Black Friday and Cyber Monday?
Many Western merchants believe that Black Friday and Cyber Monday are the most important e-commerce shopping days of the year. No doubt, this is true for the most part. However, taking a step back and looking at global e-commerce, Black Friday and Cyber Monday are not even close to reaching the number of Singles Day.
Revenues
Believe it or not, Alibaba on its own has generated more revenue than the combined revenue during the Thanksgiving weekend (including Black Friday and Cyber Monday) in the US… times 2.
If you think Amazon plays in its own league in terms of e-commerce sales, you are going to be surprised. Alibaba generated nearly 7 times as much revenue ($84.5 billion) as its American counterpart during Amazon Prime Day ($12 billion) in 2022.
Over 2,000 fashion brands exceeded last year's entire first-day GMV within the first hour of the initial check-out window on Monday, while Bosideng achieved $13.7 million in GMV in just 40 minutes.
Emergence
Another major difference is the way these shopping events have evolved. Singles Day emerged as a day to celebrate singles and unmarried people at first in 1993. It was picked up by Alibaba and has been turned into a shopping day that was mainly focused on e-commerce from the beginning.
Black Friday, on the other hand, as a retail holiday has a long tradition and its focus has only lately turned towards e-commerce. In fact, since the early 1900s, American companies have offered outrageous deals on the day after Thanksgiving.
Culture
Another obvious difference is the culture of the majority of the shoppers. Black Friday and Cyber Monday have their origins in the U.S., while Singles Day is rooted in China.
Another notable difference between the three is that Black Friday and Cyber Monday sales have spread mainly across the entire Western world, and in recent years, their sales have been rising also in the East. In contrast, Singles Day conquered Asian markets first and is now gaining popularity and importance in Europe and US as well.
Singles Day outside of Asia
According to Statista, the awareness of Singles Day in Europe is increasing every year. From 2019 to 2020 the awareness of that day within Europe increased from 14.1% to 16.6% on average. People from Germany lead this statistic (21.3%), followed by the Netherlands (20.5%), the UK (19.7%), and France (16.6%).
The strongest sales spikes for Singles Day 2021 in Europe could be observed in Italy (80%), Spain (68%), and France (57%) according to Criteo’s data. In Southeast Asia, sales skyrocketed by +205% on November 11 compared to October 11-17. Singapore led the way with a +263% increase, followed by Indonesia with +131% and Vietnam with +79%. However, overall Singles Day sales in 2022 declined by -23% compared to 2020 and 2021.
Sales in the U.S. also rose significantly, which can be exemplified by Nike’s $15 million in sales in the first minute.
Germany's Media Markt, one of Europe's largest retailers of consumer electronics, is now advertising Singles' Day. They assure that its discounts are "nicht nur für Singles" (not only for singles).
With over 650 million consumers, Latin America is one of the fastest-growing eCommerce markets in the world. According to Beyond Borders, eCommerce is expected to grow 30% every year through 2025.
How to prepare for Singles Day 2023?
As the data from Singles Day 2022 shows there is immense potential, not only for Asian companies but also for merchants from the rest of the world.
If you are a merchant taking part in Singles Day 2023, there are some things you should keep in mind to stay on top of things.
Tip #1 Keep your profits in mind
Many merchants lose their heads and fall into a gold-rush-like state when there is the possibility to increase revenue. While increasing your sales is great, making profits should be your priority. Precisely calculate how much of a discount you can offer your potential customers.
Tip #2 Keep an eye on your stock levels
In the holiday season of 2023, stock levels will be a decisive factor for many e-commerce companies, and for some of them, it will be a bottleneck. Don’t be one of these companies and avoid your and your customers’ frustration by ensuring that you have enough inventory.
Tip #3 Keep it simple
In business as in life, you should try keeping things simple more often than not. This is true for e-commerce as well, especially when it comes to shopping days like Singles Day. Don’t overwhelm your customers with complicated offers or multiple discount codes. Offer one product that they really want. It will facilitate their decision as well as your operations.
Tip #4 Use the power of your funnels
While it can be a good idea to put money into Google ads or display ads, make sure to use your organic power via email and your social channels. This way you can reach prospects that have already interacted with your brand, free of cost.
Tip #5 Find new customers and keep them
With a Singles Day offer, you might win new customers. That is great! However, it would be a shame if it stopped there. The first sale is your chance to prove that your shop is worth returning to. Fast and reliable shipping is one part of the buying experience that customers today value most. Moreover, make sure to be responsive in case issues arise and offer uncomplicated returns solutions.
How to win Singles Day 2023
Singles Day has some specifics that you should know about to win the shopping event in 2023.
Tip #1 Boost your social media content that fits Singles Day
This event is all about self-love. This is something every brand should be able to get behind. And that is exactly what you should do as well, especially if it fits your products. If it fits your brand personality, use memes, puns, and gifs on your channels. Also think about using infographics, and personal or humorous content. Images and videos usually perform well in that regard. About 70% of our sensory receptors are in our eyes and humor can increase attention and memory.
Tip #2 Livestream your Singles Day 2023 sales launch
E-Commerce via Livestream is a huge thing in Asia - especially during Singles Day. While this trend in other continents has not yet come close to the multiple billions of Dollars and Euros it generates in Asia, it is worth trying for every online merchant in 2023 - what can you lose?
Tip #3 Focus on mobile commerce
Not only in China is mobile commerce key to a successful Singles Day 2023. Optimize your pages for mobile users. In late 2022, smartphones dominated retail website visits globally, representing over 70% and driving most online orders. The increasing adoption of mobile devices, especially in regions with limited digital infrastructure, will further shape the future shopping experience. Asia, particularly China and South Korea, leads in m-commerce, with mobile devices accounting for over two-thirds of their online sales.
Tip #4 If you sell to Asia, beware of cultural differences
While going into detail about cultural differences is beyond the scope of this article, there are some easy tips that you can implement. For Singles Day, discount codes that are a multiple of 11 have worked well in the past (e.g. 11%, 22%, 33%). Of course, check first your profit margins are high enough to offer such a discount. Moreover, try to avoid the number 4 if you’re selling in China, as this is considered an unlucky number there.
FAQ
When is Singles Day?
As every year, Singles Day 2023 is the 11th of November (11.11)
Who created Singles Day?
Singles Day was created by four Chinese Students from Nanjing University in 1993 to celebrate being single.
Which is bigger in terms of revenue, Singles Day or Black Friday?
In terms of revenue, Singles Day is clearly bigger than Black Friday. It generated more than double the revenue of Black Friday and Cyber Monday combined.
Which is bigger in terms of revenue, Singles Day or Prime Day?
In terms of revenue, Singles Day is unquestionably bigger than Prime Day. In fact, Singles Day 2020 generated more revenue than Black Friday, Cyber Monday, and Prime Day combined.
Who participates in Singles Day?
The main drivers of Singles Day have been Chinese E-Commerce companies led by Alibaba and JD.com. However, Singles Day is becoming increasingly popular in Western countries.