Cross-border and e-commerce solution provider Azoya analyzed data generated from its retail accounts during this past weekend’s Singles’ Day and found that women were the key drivers of sales, which are also being increasingly influenced by social media.
The company said the data shows “the huge potential for U.S. retailers for the upcoming Black Friday and Cyber Monday, but more importantly for preparing now [participation] in next year’s Singles’ Day event.”
On Singles’ Day, Azoya’s retail accounts experienced, on average, a 200 percent gain in sales compared to daily averages one week before the event. And conversion rates were two to four times higher than the daily average, which Azoya researchers said “indicates shoppers are more willing to shop during this period of time.”
The company also noted that 68 percent of sales on the day were from mobile devices while the WeChat platform garnered 26 percent of sales. By gender, 78 percent of shoppers were female. And the top five provinces by sales were Jiangsu, Zhejiang, Guangdong, Beijing and Shanghai.
Researchers at the firm also noted that 5.4 percent of Tmall sales came from overseas markets while it was 4.9 percent for JD.com. For Amazon CN, 7.3 percent of sales were from overseas markets. Outside mainland China, the top three countries by sales were Russia, Hong Kong and the U.S.
“This is only the second year international brands and retailers joined in the double eleven sales, and the top-selling categories are still clothes, shoes, cosmetics and consumer electronic products,” an Azoya spokesperson said. “Combining with the small portion of overseas sales during last week’s campaign, we still see Singles’ Day as a competition among China brands and retailers instead of overseas products. Therefore there are still huge opportunities for U.S. retailers with the upcoming Black Friday/Cyber Monday sales period, and the time is now to begin strategic planning for participation in next year’s Singles’ Day.”
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