I came across this great story/case study that shows the power of time sensitive deals.
And yes the BILLION in the title was not a mistake.
So Singles’ Day is a Chinese shopping day similar to Black Friday and Cyber Monday.
It doesn't matter whether you’re single or not to enjoy it, it's a dope day to get deals!
I had to google why it's called singles day.
"The Singles Day, or Double 11, is a Chinese shopping holiday that originated as an unofficial holiday for bachelors. The date, November 11 (11/11), was chosen because the number "1" resembles a "bare stick", which is a Chinese slang for a lonely man with no significant others, and four "1"s (the most that can fit into a calendar date if disregarding the year) abstractly refer to the demographic group of single men." - Source Wikipedia
In 2019, Jack Ma the Alibaba founder grossed $38.4 Billion in the 24 hours of November 11.
WT(actual)F!?! He basically made more than a billi per hour.
They accomplished this amazing result by offering more discounts and having a heavy emphasis on live streaming to shift more products and don't forget that there was a hard deadline of only 24 hours.
Even A-list celebs like Kim Kardashian jumped in on the action to help promote deals by live streaming announcements that her perfume brand would be available for sale on Tmall (an Alibaba owned site).
Singles’ Day didn’t just benefit Chinese companies though: The U.S. was ranked the second country by GMV (gross merchandise volume) in terms of countries selling to China.
For the American retailers the most popular product categories where jewellery and apparel.
Here's a little secret...
Singles' Day was actually invented by Alibaba, the sneaky yet genius buggers. But this hasn't stopped other merchants getting involved to capitalise on this new shopping holiday too.
With the massive success of this Jack Ma got I'm sure you will start to see this holiday filter out to the rest of the world.
A lot like how Black Friday expanded into Europe.
Before you know it Singles’ Day isn’t just going to be a Chinese thing any more. Maybe it’s time to start watching out for it on 11/11/2020!
Anyway I hope this gives you some food for thought.
Could you create your own holiday in your business?
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