Singles’ Day is the day with the greatest volume of online sales worldwide, a day of increasingly popular sales and discounts. Even though it was born in China as a way to boost the economy, now thousands of eCommerce business around the world join into the celebration of this holiday on 11/11. Given the high level of competitiveness in the online market, especially if we consider campaigns by giants like Alibaba, which is hoping to celebrate the largest Singles’ Day ever in 2020, here at Minderest, we’re here to offer companies a series of tips to get the most out of Singles’ Day. The most important of these is to know the precise strategies and prices of your competitors to be able to adjust your pricing to the movements in the market. From here, you’ll have to take the following into account.
Plan the best pricing strategy for your eCommerce business
- Choose the brands and products that you want to promote based on your objectives and stock. Seasonality and the circumstances in each specific market will also have an influence. You should always keep in mind how close we are to Christmas, which is a factor that can impact the final purchase decision.
- Define the types of promotions. Keep your production and distribution costs in mind to apply discounts that will be the most attractive to potential customers. You don’t have to only rely on a reduction in the final price but can also plan bundle pricing campaigns that will encourage the purchase of more than one article.
- Design dynamic pricing strategies to adapt to the multiple, quick changes that will happen in the market on Singles’ Day (11/11). You can count on repricing software to speed up the decision-making process.
- Revise and reinforce your distribution channels. With hundreds of similar offers on the market, delivery times will be a deciding factor for consumers.
Create an attractive marketing plan for 11/11
- Be creative and original. All eCommerce businesses will be trying to catch the attention of potential customers, which is why you must design a marketing campaign that is different and that makes an impact.
- Include new personalised landing pages, just for 11/11, and sections with highlighted products on your eCommerce site so that customers can find, at first glance, your selection of promoted items.
- Expand your campaign across different mediums. Use email marketing and social networks as platforms to improve your conversion rate.
- Allocate a larger budget to marketing, both online and offline.
Improve the users’ shopping experience
- Optimise the performance of your eCommerce store on computers and mobile devices to avoid any possible technical problems due to an increase in traffic. At the same time, simplify the purchase process to encourage customers to buy your products.
- Perfect your website’s search engine to ensure that it gives users the most accurate results possible, which will contribute to their satisfaction with your eCommerce business.
- Offer good customer service. If you haven’t implemented it yet, enable live chat to resolve any possible user doubts. A question without an answer is synonymous with a lost customer that’s difficult to recover.
The final goal is to be prepared to meet the increase in demand inherent in this international event and to increase your level of sales. This is a situation in which, to be as agile as possible, we recommend that businesses use automated tools, including price intelligence tools, with which they can accelerate decision making and achieve maximum performance.