Singles Day (November 11), which was first started by Chinese college students in the 1990s, is the antithesis of Valentine’s Day. It is a day dedicated to the celebration of singledom.

Some singles have developed various rituals to mark the day including gifting friends with 1 figure-shaped items, from toothpicks to half of a deep fried double dough stick. Other singles, who aren’t into celebrating their status, will go on a blind date on the day so that they don’t have to be alone.

One of the most outstanding customs is self-gifting: This is a day for self indulgence and rewards for hard work all year round.

The world’s greatest shopping extravaganza

Singles Day is hands down the world’s biggest online shopping event. On Singles Day last year marketplace giant Alibaba recorded $30.3 billion in sales in a 24-hour period, more than Black Friday and Cyber Monday combined.

China is the world’s largest e-commerce market, with annual sales approaching $1.53 trillion. So there’s room for everyone – Alibaba is not the only corporation that can profit from the holiday, global retailers can capitalize on this day as well.

The Chinese favor foreign labels so this shopping day represents a unique opportunity for global brands. According to Alibaba, over 40% of Singles Day shoppers purchased international brands, including Apple, Dyson, Gap, Estée Lauder, L’Oréal, Kindle, Nestle, Nike, and Adidas.Over 240 international brands recorded at least $14.4 million in sales.

4 Tips for global online retailers

• Offer popular items

Last year buyers favored health supplements, followed by milk powder and diapers. Makeup products, including emulsions, facial masks, face wash and toner, were also high on the national shopping list. However, as a large number  of shoppers are savvy millennials, many sought out electronics, smartphones and gadgets. Due to the fact that a significant percentage of the shoppers are women, apparel and home goods also sold very well.

• Spread your wings

Singles Day has spread beyond China to Southeast Asia and other locations. In countries like Singapore, Indonesia, Thailand and Vietnam, local residents eagerly await the day’s special sales.Last year, prior to Singles Day, China’s largest retailer, JD.com, rolled out a two-week campaign called  “11.11 Crazy Hot Sale,” in which it targeted Thai shoppers. Even US retailers are starting to adopt Singles Day, as a time when Americans can express well-deserved self-love.

• Provide familiar mobile app payments

Chinese online consumers use WeChat for every aspect of their lives, from scheduling doctors’ appointments and shopping to messaging friends and payments. Shopping by smartphone in China is quick and easy, thanks to convenient payment methods, particularly Alipay, Union Pay and WeChat Pay. If you want to make a hit on Singles Day, integrate these familiar payment platforms on your Chinese website.

• Reach out through social media

The Chinese are very connected to social media. While WeChat is the most effective way to reach potential customers, Weibo (similar to Twitter) and Youku Tudou (similar to YouTube) are also widespread. Post videos, interactive content, and special coupons to attract followers.

Singles Day offers online retailers huge potential both in China and abroad, but it is very important to study your target audience’s culture, shopping preferences and spending habits before taking the plunge.  

PSD2 (Revised Payment Service Directive) is a directive issued by the European Commission in order to fortify customer rights, facilitate competition in banking, and increase Internet payment safety via SCA (Strong Customer Authentication). The original European payment services directive came into force in 2007. The PSD2 directive expands considerably on the original version of PSD.

PSD2 in practical terms

The aim of the PSD2 regulation is to create open banking in EEA, while ensuring online payment security based on defined rules. For the first time ever, this directive authorizes bank customers to use the services of third-party providers through open APIs. Rather than rely completely on traditional banking services, PSD2 enables both customers and businesses to manage finances more conveniently and affordably via a wider choice of third-party providers.

Customers will be able to use various fintech services to analyze their spending, pay bills, take loans or make transfers, while their money is deposited in their bank accounts. European banks are obligated to create a system of open APIs that provide access to customer accounts. Third-party providers are authorized to provide financial services while using bank data.

PSD2 deadlines

The deadline for all EU member states to enact PSD2 into national law was  January 2018. Following the initial stage, two deadlines were stipulated:

• March 14, 2019

By March 14, 2019, all Account Servicing Payment Service Providers (ASPSPs) – which refers to any institution that provides and manages payments accounts – were supposed to have set up a testing or sandbox environment including APIs, support and documentation. The comcept was to provide a six-month period to test authorising payment services before the final date of implementation.

If a financial institution is incapable of setting up secure APIs independently, it can partner with a technological network with readymade API portals.

• September 14, 2019

The final compliance deadline is mid-September of this year. At this stage, SCA will be required as well as access to accounts (XS2A). SCA is a crucial element, which obligates customers to authenticate themselves by combining two out of the three following options:

• Something you have – using a device only available to the customer (such as a cell phone)
• Something you know – unique information (such as a PIN) only available to the customer
• Something you are – physical evidence unique to yourself such as facial or voice recognition
  

Optimizing the purchasing process

While robust security is vital, it is no less important for the merchant to ensure a frictionless user experience. To facilitate the process, some operators are adopting behavioral biometrics, which uses machine learning to analyze a user’s unique typing cadence, finger pressure or other personal parameters in order to ensure continuous authentication behind the scenes.

Other ways for merchants to ensure smooth purchasing processes include the use of e-wallet payment methods (which already include two-factor authentication), integration with payment platforms that optimize payment processing, and developing user-friendly mobile apps for seamless shopping experiences.

Our new eBook A Merchant’s Guide to International Payments offers an overview of preferred payment methods in various geographies worldwide.

Read A Merchant’s Guide to International Payments.

Not so long ago, when retailers tracked how their customers preferred to shop, they would assess the shopper’s favorite channel – whether it was via their desktop, tablet, Apple Watch or phone – and address them on it in order to engage them personally.

With the rapid technological changes, consumer habits are evolving as well. Buyers no longer stick to any single shopping channel.They easily switch from one device to another, creating a different sequence each time. Indeed, a single shopping experience may include the buyer’s laptop, tablet, smartphone and a physical store, or only one or two of these components.

What is the omnichannel experience?

Omnichannel refers to an integrated customer experience across channels and devices. No matter where or how the customer reaches out to your brand, they should encounter a consistent, interactive experience. In order to build a strong experience across channels, your company needs to set up a strategic plan that will touch on various departments including sales, marketing, product and others.

Omnichannel challenges

Data Synchronization

Data plays a key role in omnichannel retailing. Data pouring in from various channels must be collated and analyzed in order to understand customer behavior. An enterprise data management (EDM) strategy can provide an end-to-end view of all your data. Additionally, a smart payments platform generates actionable data about customer behavior across channels as well as their personal shopping habits.

Supply Chain Management

Due to the customer’s seamless transfer from one channel to another, the retailer must have an advanced warehouse management system to track inventory at each repository at any given time. Delivery can also be a deal breaker. It would be a pity to develop a top-grade omnichannel experience only to run out of stock or fail to deliver speedily.

Choosing the Right Channels

Omnichannel is not a “one size fits all” solution. No two companies are exactly alike and neither are their customers. You need to identify the most suitable channels for your business and build your omnichannel strategy accordingly. While the concept is to build a consistent experience across channels, you must first assess which channels work best for your business. You can use Google Analytics to discover which are your customers’ most popular channels.

Omnichannel Payments

A prerequisite of the omnichannel customer experience is the ability to pay in multiple ways. Some channels require online or smartphone processing, whilst in others payments may be made physically over the phone or at a brick-and-mortar store. An ecommerce retailer may only need online and swiped card capabilities, but a yoga studio may require recurring billing. If you run a  cross-border business, you will need to provide familiar payment methods in local currencies. An advanced payment platform enables your system to seamlessly conduct various kinds of payments across channels and geographies.

Omnichannel Generates Loyalty

While it is crucial to establish your presence across channels and make each point shoppable, it is no less important to be able to interact with your customers no matter where they are. This ongoing interaction with your customers at every turn is what generates a personal relationship. That is the kind of relationship you need to incur long-term loyalty.