Melissa O’Malley, Director, Global Merchant & Cross Border Trade Initiatives, PayPal

 

It’s bigger than Valentine’s Day. It’s bigger than Black Friday. It’s bigger than Christmas. It’s China’s Singles' Day. And if you’re not selling into it, you’re missing out!

 

The PayPal team is working with businesses around the globe to help them expand their global sales into China and tap into Singles' Day – the biggest shopping day of the year.

 

The Bottom Line

 

Don’t let the name fool you. Though Singles' Day, observed on November 11, began as the anti-Valentine’s Day, where consumers celebrated being single by purchasing something special for themselves, it is now a major retail holiday during which single and coupled consumers alike take advantage of enticing discounts and online specials.

 

Just how big is Singles' Day? In 2013, Chinese online retailers took in $8.2 billion USD in a 24-hour period [i]. That’s more than triple the sales from Cyber Monday ($2.29 billion USD) [ii] and more than quadruple the sales from Black Friday ($1.9 billion) [iii]. This year, sales in China are expected to exceed $10 billion USD [iv].

 

But Singles' Day isn’t just for Chinese merchants.

 

PayPal has created the website Wu Jing Gou “Borderless Shopping” (www.paypal-wujinggou.com) which enables global merchants from outside China to showcase discounts and deals to Chinese consumers eager to buy something special. For example, Swarovski will offer a 15% discount on select purchases, Victoria’s Secret.com will offer free shipping and handling on $50 or more orders shipping to China, Diapers.com will offer up to 50% off on select items, Farfetch will offer a gift card every day of a value of $180, while Korean-based Gmarket will give 10% discounts on all purchases made by Chinese consumers with PayPal. PayPal has also collaborated with over 30 small-medium sized businesses to bring unique offers to the Chinese consumer.

 

To help promote deals to the Chinese consumer base, PayPal has also teamed up with China UnionPay to promote PayPal’s global merchants on China UnionPay’s overseas shopping platform (haigou.unionpay.com). UnionPay has over two billion cards in circulation. With UnionPay cards being accepted in the PayPal wallet, Chinese consumers can securely and seamlessly pay with their preferred local payment option.

 

Top Three Tips for Singles' Day Success

 

Give a Discount: Like Cyber Monday and Black Friday, Singles' Day is all about discounts and special offers such as free shipping. Everyone loves discounts, especially the savvy Chinese consumer. With both seller and purchase protection through PayPal for eligible transactions, you can purchase or sell with peace of mind.

 

Learn the Customs: Like any culture, the Chinese have specific customs and taboos. Before you decide what to products to feature, spend some time learning about the Chinese culture. You can learn more about Chinese customs and taboos on PayPal’s free resource, PassPort. The site also hosts a Singles' Day Gift Guide to give you an idea of some of the hottest items.

 

Promote with PayPal

 

We’re working with companies, large and small, to help them promote their brand and offers to the Chinese consumers. Singles' Day is just the beginning. If you want to be part of the ongoing program, contact your local PayPal rep. And remember, it’s not too soon to start planning for next year!

 

Happy Singles' Day and happy selling!

 

[i] Singles' Day and China's Growing Love for eCommerce. (2013). In USDA Foreign Agricultural Service (12/4/2013 ed.). USDA.

 

[ii] Cyber Monday sales surges to new record (USA Today)

 

[iii] A Single Chinese Company Dwarfed All of America’s Black Friday And Thanksgiving Online Sales in One Day (Business Insider)

 

[iv] Singles' Day and China's Growing Love for eCommerce. (2013). In USDA Foreign Agricultural Service (12/4/2013 ed.). USDA.

 

 

Original author: PayPal-Forward