Online sales for Singapore during 11.11 last year rose 60 per cent compared to 2016, according to marketing technology company, Criteo. All online engagements including browsing and purchasing were also reported to be 2.4 times higher between both years.
Originated in 1993 at Nanjing University, 11.11 was a day for the students to celebrate their singledom. Local e-commerce giant company Alibaba then decided to transform this special date into a shopping festival in 2009. 9 years later, it proves to be a huge success as it now turns to be one of the biggest global online shopping festivals, recording US$25 billion in sales last year.
The shopping fever has also hit Singapore as it started to be aware by the people. A study conducted in 2016 revealed 47.3 per cent knew about the shopping event. Today, it’s an annual festival for avid online shoppers as almost all e-commerce merchants are participating in the event, offering numerous great promotions for the consumers.
Search Interest for 11.11 Peaked Twice a Week Before the Event
Singaporeans appear to be highly interested in 11.11 shopping event. By analysing the search interest for the term 11.11, Google Trends revealed the term garnered very high popularity a week before the event.
11.11 started to receive interest as people search for the term more on 28 October. It then grew dramatically the next day, reaching the peaks in popularity on the 30th. Shopee, the e-commerce merchant backed by Sea, launched their 11.11 campaign on 29October. This might be one of the factors contributing to the huge spike of interest in 11.11 on the same day as shown by Google Trends.
The search interest showed a slight drop on the last day of October. However, as we enter the shopping month, the volume of the search interest starts to increase again. The term received continuous popularity and quickly reached the peak of interest on November 3rd.
Qoo10, the most visited e-commerce website in Singapore started to promote their 11.11 online shopping campaign on Facebook on 1st of November. Similar to that, EZBuy can be seen kicking off their 11.11 campaign on the same social media site on November 3rd. As all the e-commerce merchants start promoting respective campaigns, Singaporeans appear to receive it very well by showing high interest even a week before the official sales day.
Merchants Introduce Various Types of Promotion
The 11.11 Singles Days shopping festivals saw more e-commerce merchants participate compared to the previous year. To attract the consumers, they can be seen offering different types of promotion from interaction on the app, flash deals, delivery and more.
In-App Games is the Trend for This Year
Compared to last year, in-app games are being featured by more merchants this year. The games mainly allow users to grab vouchers, virtual coins and other benefits which help users to save more on purchases. For example, Lazada introduced Wonderland which allows users to grab the vouchers from their favourite brands. Shopee Shake allows users to earn coins that can be used to save more on their purchases. The in-app games encourage users to interact more with their mobile applications during 11.11.
Credit Card is the Most Popular Payment Method
All merchants can also be seen partnering with various banks to offer more promotions for the consumers. According to State of E-commerce 2017, credit card is the payment method offered by all merchants in Singapore. Therefore, it’s not surprising to see credit card is also included as part of 11.11 promotion to encourage users to buy during the festival. Qoo10 can be seen to be the merchants partnering with the highest number of banks at 8 as stated on their 11.11 page. Some of the banks included are Standard Chartered, American Express, HSBC, UOB and more.
New Promotions Initiatives to Cater the High Interest on 11.11
As one of the most anticipated shopping festivals, e-commerce merchants are introducing new initiatives to grab the interest of users. Lazada Singapore CEO Alexis Lanternier said social selling is becoming an important decision-maker for shoppers and introduced a new element named in-app live-streaming. It will allow customers to shop directly from the stream and engage with the brands and personalities in real time.
On the other hand, Qoo10 introduced QX Quick which allows shoppers to enjoy scheduled or same day delivery. Mr Cho Hyunwook, manager of Qoo10 Singapore said it made “significant upgrades” to its backend systems. It helped them to create two time slots for dispatching deliveries compared to only once per day previously.
Promotions are Highly Focused on Mobile Applications
There’s a shift in term of the trends in promotion for 11.11 this year. E-commerce merchants are introducing various new types of promotions where some can only be obtained by downloading the mobile applications. For example, the in-app games offer very attractive deals such as brands vouchers and virtual coins which can be used to save on purchases. Shopee introduces Flash Deals reminders to notify users when new deals are released. These mobile-focused promotions share a similar trait where they encouraged interactions between users and mobile applications. It also allows users to spend more time on the apps and provide more visibility to other products and offers.
According to Go-globe, e-commerce user penetration is expected to increase to 68.3 per cent compared to 64.7 per cent last year. Therefore, 11.11 Singles Day is one golden opportunity for all e-commerce merchants to boost not only their sales but gain more understanding on shoppers’ interest.
About iPrice Group
iPrice Group is a meta-search website where Singaporean consumers can easily compare prices, specs and discover products with hundreds of local and regional merchants. iPrice’s meta-search platform is also available in six other countries across Southeast Asia namely in; Malaysia, Indonesia, Thailand, The Philippines, Vietnam, and Hong Kong. Currently, iPrice compares and catalogues more than 100 million products and receives more than five million monthly visits across the region.
iPrice currently operates three business lines: price comparison for electronics and health & beauty; product discovery for fashion and home & living; and coupons across all verticals.