Singles Day (November 11), which was first started by Chinese college students in the 1990s, is the antithesis of Valentine’s Day. It is a day dedicated to the celebration of singledom.

Some singles have developed various rituals to mark the day including gifting friends with 1 figure-shaped items, from toothpicks to half of a deep fried double dough stick. Other singles, who aren’t into celebrating their status, will go on a blind date on the day so that they don’t have to be alone.

One of the most outstanding customs is self-gifting: This is a day for self indulgence and rewards for hard work all year round.

The world’s greatest shopping extravaganza

Singles Day is hands down the world’s biggest online shopping event. On Singles Day last year marketplace giant Alibaba recorded $30.3 billion in sales in a 24-hour period, more than Black Friday and Cyber Monday combined.

China is the world’s largest e-commerce market, with annual sales approaching $1.53 trillion. So there’s room for everyone – Alibaba is not the only corporation that can profit from the holiday, global retailers can capitalize on this day as well.

The Chinese favor foreign labels so this shopping day represents a unique opportunity for global brands. According to Alibaba, over 40% of Singles Day shoppers purchased international brands, including Apple, Dyson, Gap, Estée Lauder, L’Oréal, Kindle, Nestle, Nike, and Adidas.Over 240 international brands recorded at least $14.4 million in sales.

4 Tips for global online retailers

• Offer popular items

Last year buyers favored health supplements, followed by milk powder and diapers. Makeup products, including emulsions, facial masks, face wash and toner, were also high on the national shopping list. However, as a large number  of shoppers are savvy millennials, many sought out electronics, smartphones and gadgets. Due to the fact that a significant percentage of the shoppers are women, apparel and home goods also sold very well.

• Spread your wings

Singles Day has spread beyond China to Southeast Asia and other locations. In countries like Singapore, Indonesia, Thailand and Vietnam, local residents eagerly await the day’s special sales.Last year, prior to Singles Day, China’s largest retailer, JD.com, rolled out a two-week campaign called  “11.11 Crazy Hot Sale,” in which it targeted Thai shoppers. Even US retailers are starting to adopt Singles Day, as a time when Americans can express well-deserved self-love.

• Provide familiar mobile app payments

Chinese online consumers use WeChat for every aspect of their lives, from scheduling doctors’ appointments and shopping to messaging friends and payments. Shopping by smartphone in China is quick and easy, thanks to convenient payment methods, particularly Alipay, Union Pay and WeChat Pay. If you want to make a hit on Singles Day, integrate these familiar payment platforms on your Chinese website.

• Reach out through social media

The Chinese are very connected to social media. While WeChat is the most effective way to reach potential customers, Weibo (similar to Twitter) and Youku Tudou (similar to YouTube) are also widespread. Post videos, interactive content, and special coupons to attract followers.

Singles Day offers online retailers huge potential both in China and abroad, but it is very important to study your target audience’s culture, shopping preferences and spending habits before taking the plunge.  

Stablecoins are pegged to major international currencies, thereby preventing the extreme fluctuations associated with cryptocurrencies. This means that the value of the coin  would remain steady regardless of demand levels. According to recent reports, Facebook is planning to launch a full payments network across its messaging apps, and is currently talking to Visa and Mastercard to bring them on board. It is also in the process of raising $1 billion from major banks in order to fortify the coin against currency fluctuations.

In-app payments for a readymade audience

With a built-in audience of 2.5 billion, Facebook will be able to revert its revenue model from ad-based to payment-based and transaction-based. The company recently announced plans to launch its first stablecoin project in India, where WhatsApp has 200 million users.

India is the perfect location to initiate the project because a large part of the population already prefers to use mobile payments. In addition, many Indians are unbanked, making an in-app remittance payment method ideal.

Frictionless payments through a global mobile commerce system

While India is a good starting point, the concept of frictionless payments through a mobile commerce system anywhere in the world is hypothetically a winning formula. This type of system has already proved itself for P2P payments, but a built-in e-wallet could significantly facilitate payments for online merchants and their buyers, and adopt a model similar to China’s WeChat.

Will it work?

While in theory all this sounds feasible, there is no guarantee that the attempt will succeed. For one thing, cryptocurrency is based on decentralization and has no controlling owners. Facebook’s new stablecoin would be controlled, by Facebook, of course. There are also crypto-related regulations that cannot be ignored.

In addition, several global competitors like New Telegram are hot on the heels of Facebook. Not to mention that TikTak and Toutiao are currently eroding Facebook’s global app grip.

Is this a crypto revolution or just a blip? Time will tell.     

Image courtesy of Freepik