Celebrated on the 11th of November 2019, Singles Day is a Chinese commercial holiday. It was initiated by a group of internationally recognized dating experts in order to help singles either embrace their single status or do something about it.
Singles Day rapidly evolved into an enjoyable unofficial holiday in which single people spoil themselves by overindulging in delicacies they would usually refrain from. Singles Day has gone on to become the single most lucrative online shopping holiday in the world, easily surpassing Black Friday and Cyber Monday combined. In 2017 sales reached over $25 billion on this day in China.
Credit must, however, go to Alibaba and Jack Ma for transforming the de facto holiday from an ‘anti-Valentine’s Day’ for Chinese singletons to a global shopping festival back in 2009
Singles Day sales have been on a tear over the last few years growing by over 50% year on year. As a result, retail brands are posting large sales numbers on this day. As can be seen above, total sales on SinglesDay was nearly sixteen times the sales made on both Cyber Monday and Black Friday in 2017.
Discounts
As a result of the large increase in sales, retailers tend to offer large discounts on products on this day. Retailers are trying to carve out a larger percentage of the market sales on this day and offer buyers an incentive to buy their brand.
Discounts offered are so high that they are now on par with the famously lucrative big sales days like Black Friday and Cyber Monday
Conclusion
Retailers must include these large discount days while chalking out their sales strategy for the year. During days of heavy sales it is important that their Point Of Sales system being used at the store is efficient in order to maximize customer satisfaction
