November 11 or 11/11, has been celebrated as Singles Day – a kind of anti-Valentine's Day for individuals since 1993. Selected because the date has four in a row, the holiday is from China and has become the biggest trade day of the year, both in online stores and offline sales around the world. It is a signal of shifting power in the global retail market, moving away from the United States and Asia, especially China.
Alibaba, the giant Chinese e-retailer who promoted the day as an opportunity or excuse for individuals to deal with new purchases, has seen their revenues November 11, grow from 100 million dollars in 2009 to 250 times in 201
Singles Day dwarves the three biggest online mega events online. In 2017, Thanksgiving weekend online sales-including Black Friday and Cyber Monday-a total of $ 7.3 billion. The third, Amazon's Prime Day, in 2017 brought in $ 100 million an hour, but Alibaba raked 10 times as much on Singles Day that year.
Entering the Act
By 2022, Chinese Medium-sized Customers as a Group were projected to both over and spread US customers. Dealers around the world seek to exploit this increasing Chinese economic power, offer their own Singles Day deals and even try to extend the day to a longer festival: Alibaba keeps its discounts for 48 hours and its main Chinese competitor, JD.com , launched an 11-day festival from November 1st to November 11th with a set limited time discount amounting to $ 865 million in its first hour.
Global brands such as Adidas, Mattel, Mondelez, Nike and Unilever participated in 2017 by offering a range of products. JD.com joined Tencent-another Chinese e-commerce behemoth and Walmart to offer the same offer on Singles Day 2017. In 2018, Alibaba's subsidiary Lazada offers Singles Day sales in six Southeast Asian countries.
Online or in store?
Alibaba promises in 2018 special discounts of 1.5 million products in 3 700 categories, from 180 000 brands from China and 74 other countries. The company plans to fulfill a lot of the huge volume of orders from its robot-automated warehouse, where 700 robots automatically pick up merchandise and collect packages for shipment to customers.
Many companies are working to develop their online customer base, especially with mobile apps. But there is still big money in the real world.
Although landmarks like Sears and J. C. Penney are struggling in the United States, the vast majority of global shopping is still done in person, rather than online. Recent mega retailers like Walmart, Target and Best Buy thrive in the United States and elsewhere. Even pure e-commerce retailers like Amazon move offline, open-source Amazon go stores and physical bookstores, buy Whole Foods, and collaborate with Kohl to handle product returns.
In China, Alibaba has moved into physical stores, also by purchasing InTime department store and shopping center and opening 60 Hema supermarkets that do not accept money and where customers' food purchases can be prepared before checking out. The company has also set up 100,000 convenience stores as places where customers can try out products in expanded reality and pay with face recognition systems.
Shoppers worldwide will be able to buy online and in physical space, from any device and any payment method – all while providing a high level of customization and service experience. This goes beyond the simple mechanics of telling a smart speaker like Amazon Echo, Google Home, or Apple's HomePod to order more detergent.
Artificial intelligence systems analyze customer behavior, which can make routine shopping for things like facial tissue and soap faster and easier, remembering what brands a customer likes and how often to order replenishment. AI can also suggest products that customers may want to buy based on previous purchases – as Amazon already does. It can make shopping for luxury products, splurges and gifts more fun and engaging.
The global retail market adapts to China's growing economic power, and Chinese customers' desire for AI-enhanced mobile shopping experiences. Singles Days spread around the world suggests that a new chapter of computer-enhanced shopping experiences begins. This article is published under the Creative Commons License. Read the original article.