Tech Bytes: Three ways to succeed on Singles’ Day — even if it’s half a world away

Black Friday weekend is just around the corner. But as retailers remained focused on one-day sales, exclusive sneak peeks and door busters, they are missing the boat on a much more lucrative opportunity — Singles’ Day.



Singles Day, coming up on Nov. 11, started in the early 1990s as an informal celebration of the Chinese singles dating scene. But in 2009 Chinese online giant Alibaba adopted the day and turned it into a shopping extravaganza, launching a massive marketing push with special deals. Since then, Singles’ Day has morphed into the largest e-commerce shopping day in the world, with tens of thousands brands, including an ever-increasing number from the U.S., all selling merchandise, some at steep discounts.



Alibaba generated $14.3 billion (U.S. dollars) in 2015 — completely eclipsing the combined sales of Black Friday and Cyber Monday in the United States. Fung Global Retail & Technology expects Singles’ Day this year to reach $20 billion (U.S. dollars), a stunning 40% year-over-year increase.



Singles Day is yet another example of why companies must be flexible enough to find new ways to compete in the evolving omnichannel retailing model — especially as more nimble adversaries and business opportunities emerge.



Unsure of how to participate in this particular industry disruptor? The following tips may be just enough to drive Singles’ Day success — even from across the globe:



Focus on personalization. Capitalizing on the hype of Singles’ Day is all about making offerings meaningful to individuals. While this is a tough task, especially among a new international customer base, retailers can start small. The event originally catered to singletons, so understanding the unique habits and preferences of “single customers” is a good start. This is especially important as more shoppers under the age of 25 feel overlooked by brands — on what they consider “their” shopping event, no less — in favor of “mature shoppers,” according to a report from AdMaster. Another option is to personalize digital promotions to better target the single’s segment. Both efforts are a good way to speak exclusively to the younger shopper.



Bolster inventory management efforts. Besides creating relevant merchandise assortments and communications, retailers must stay abreast of featured inventory availability — not an easy task when targeting an entirely new customer segment, and an international one, at that. Access to real-time inventory data is a pre-requisite when serving all omnichannel shoppers — regardless of the touchpoint they use or their country of origin. That said, ensure that e-commerce, mobile touch-points, even local retail stores and customer call centers all use a centralized, advanced inventory management system that focuses on one inventory file.



Deliver exceptional fulfillment. International shipping remains a challenge for many brands, and Singles’ Day shoppers are taking notice. In fact, less-than-optimal logistics is persuading 25% of shoppers to skip this year’s shopping event altogether, AdMaster said. That’s why the timing couldn’t be better to tap existing cross-border brand presences and third-party shipping or logistics partnerships — especially as a means of leveraging local inventories, and creating distribution models that get merchandise into international shoppers’ hands more efficiently and cost-effectively.



In an era when deep discounts and other holiday “gimmicks” continue to erode the value and tradition of Black Friday, retailers need to rebuild brand excitement during the holidays. This requires companies to look outside of the box — and the comfort of domestic borders — if they want to reinvent themselves in this increasingly omnichannel landscape.