Tips for fine-tuning Single’s Day 2024 e-commerce campaign strategies

• The average SEA region basket size, which indicates the quantity of products purchased per transaction, also saw a notable uptick of 16% on Single’s Day 2023, compared to the first week of October 2023.
• The top-performing SEA region product categories, based on indexed transactions from the first week of October 2023, comprise Baby & Toddler (+407%), Health & Beauty (+352%) and Furniture (+277%). Also:
  • The market in Singapore had surged 159% on 11/11/23 compared to the first four weeks of October. In comparison, sales on Black Friday 2023 surged 104%, compared to the sales of the first four weeks of October 2023.
  • The market in Indonesia had surged 194% on the same day compared to the first four weeks of October. In comparison, sales on Black Friday 2023 had surged 56%, compared to the sales of the first four weeks of October 2023.
• In Greater China data, online retail transactions for Single’s Day had surged by 237% compared to the data for the first week of October. In comparison, sales on Black Friday 2023 had risen 58% compared to the four weeks of October 2023. Also:
  • Unit sales had seen a 257% increase, compared to 248% in 2022.
  • The top-performing product categories, based on indexed transactions from the first week of October 2023, comprise: Health & Beauty (417%), Home & Garden (326%), Luggage & Bags (311%), Toys & Games (311%).
  • Online transactions had seen a 9% Year-on-Year growth in the region.
  • Finally, average order values had shown an increase of 14%, with the average unit price going up by 7%.
• In terms of shopping activity peaks, the first hours (midnight to 1am) and the last hours (11pm to midnight) were the spikiest. Early bird shoppers [SEA online transactions (+325%) and unit sales (+370%); Greater China online transactions (+345%) and unit sales (+363%)] were a segment of shoppers that tended to prepare their shopping baskets ahead of time in anticipation of discounts and offers. These early bird shoppers represent a crucial segment for brands to capitalize on, by offering flash discounts or loyalty promotions. Meanwhile, last-minute shoppers in 2023 tended to seize deals available at the last moments. Savvy retailers that took note of this pattern leveraged their retail media platforms to drive and serve ads in the lead-up to and prior to the closing of these sales events.
• Conversion rates were exceptionally high during Singles’ Day 2023. In the preceding years, Singles’ Day had consistently recorded substantial spikes in new purchases by new buyers. Even though the number of new buyers had fallen on the same event in 2023, there was still a clear opportunity to convert new customers and establish lasting customer relationships during this period. Retailers that built on this momentum of first-time buyers during Singles’ Day also saw the chance to ensure continued patronage as the holiday season progressed. In SEA, the increase in new shoppers was 63% compared to the figures for the month of October.

To realize the true potential of Single’s Day this year, retailers and brands are recommended to tap into the following strategies:

1. Starting early matters: Ensure the relevant media collateral and sales logistics are ready in advance to signpost and facilitate consumer purchases. Shoppers tend to plan their purchases in advance, and consumers in the past have tended to start their search at retailers rather than search engines — when they know the general type of item they want to buy. Using retail media allows brands and retailers to engage shoppers further up the funnel, to aid product discovery and boost brand awareness. Kicking off new campaigns early also ensures campaigns are optimized as shoppers start researching. Brands can also gain a sales boost by expanding their retailer sets to small or medium-size retailers.
2. Go full-funnel: Retail media can help drive positive outcomes during sales events and build lasting customer relationships. Layering sponsored products and offsite campaigns can push the needle in capturing new and returning customers during such events, and keeping the brand or retail platform top of mind. Remember, shoppers tend to view several brands before deciding, so these tactics also build brand appeal and create a strong impression with shoppers in each stage of their shopping journey.
3. Target customer segments diligently and speedily: Noting the heaviest spikes at the first and last hours of the event, savvy retailers and brands can drive additional sales by leveraging data to plan budgets accordingly, to position key advertisements in front of such trigger-happy shoppers in those critical moments.