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.  

Here are several upcoming holidays that intrepid retailers can use to attract new customers and reconnect with return buyers:

August 26 – National Dog Day

Founded by Colleen Paige in 2004, Dog Day was originally conceived as a day to show appreciation for service dogs and draw attention to the plight of abused dogs. Today, many Millennials have pet dogs. This is a day that dog owners will go out to buy sweaters and new toys for their pets, so retailers with pet stores and online doggie products should advertise special sales on their websites and social media well in advance. 

September 8 – National Grandparents Day

Recognized as a US holiday since 1973, National Grandparents Day is a time to pay respect to grandparents, recognize the impact of the elderly on the lives of the young, and enable grandparents to lavish love on their grandchildren. This day is celebrated in many countries worldwide, though not on the same date.

Retailers may take advantage of this day by offering discounts on a variety of gifts for the elderly.  Some people throw parties for their grandparents, so discounts on cakes, favorite foods and decorated paper products are in order. Flower arrangements are also popular gifts. 

September 29 – National Coffee Day

Coffee Day is celebrated all over the world. Many businesses offer free coffee on this day and pass coupons for free or reduced cups of coffee. This is the day to buy yourself or other coffee lovers their favorite beans. 

Coffee shop and restaurant owners can offer special discounts on meals accompanied by coffee, and an array of exotic types of coffee at holiday rates. 

 October 3 – National Boyfriend Day

While National Boyfriend Day is not an official holiday, you’ll be relieved to learn that it has a counterpart (Girlfriend Day) on August 1. This is a day to cherish one’s significant other. 

A wide range of retailers can take advantage of this holiday by offering special gifts for men, both young and old. Whether the guy’s dream gift is a fishing rod or a cool electronic gadget, advertise your special gift choices in advance in-store, online and via social media.

October 29 – National Cat Day

Not to leave the felines out, Colleen Paige created National Cat Day in 2005. This day advocates animal welfare and celebrates the love cats and humans have shared for centuries.

This is a perfect opportunity for pet-shop retailers to offer treats and toys for cats. Cat owners can have a portrait taken of their cat and buy them special meals to celebrate. Creative retailers can offer sales on other products for cat lovers, from new beds to soft blankets and special pillows. 

Cause for Celebration

There are several well-known holidays just around the corner like Columbus Day, Halloween, Thanksgiving and Christmas. But by celebrating and commemorating minor holidays on your website and in your physical store, you are connecting with your customers, keeping them involved, and bringing them back for more.

Image courtesy of macrovector

Total spending for K-12 schools and college combined reached almost $83 billion last year. Parents with young people heading to college as well as undergraduate and graduate students purchasing for themselves said that they planned to spend an average $942.17 each.

What do you need for an effective off-to-college campaign?

Keep in mind that budgets are limited and students generally cannot afford to splurge on necessary items. They also may not have a good deal of time to shop or could be uncertain about what they will need.

As part of your strategy, try to be as helpful as possible, provide useful tips, and offer special discounts. Here are several steps you can take to attract these young customers:

• Set up a designated off-to-college section on your website

A good way to attract potential customers is to set up a separate section on your website with all your off-to-school items and promotions. Make sure to insert a banner on the home page featuring special offers and send buyers directly to the relevant page.

• Boost sales on social media

Social media is a prime location to boost promotions for college purchases because that is where most of your customers are spending their time. Use Instagram to show colorful photos of your display and interact with potential customers on Facebook. Make sure your mobile app is up to par and responsive, with exciting images of your products. Be creative and prepare videos on how to set up an attractive dorm room affordably.

• Offer student discounts

Many businesses offer special student discounts on a wide range of products. Discounts can range anywhere between 15 and 50%. There are various ways to verify that the individual requesting the discount is actually a student. If you offer these customers discounts on a regular basis they are likely to return for repeat shopping.

• Provide free and convenient shipping options

It’s important to offer free and fast shipping, as well as flexible pick-up policies. You should also enable customers to shop now but deliver later. Some stores offer “shop online and pick up in store” possibilities with a significant discount. Target provides a drive up option which enables customers to shop for items from the store’s app and have a store team member deliver them directly to the purchaser’s vehicle. Amazon, for example, has lockers on or near campuses for easy pick ups at convenient locations..

• Put together a checklist and enable reorders

Set up a college checklist with popular items students usually purchase and display pictures of useful products that you sell such as dorm room necessities. Target goes so far as to offer a college registry option with special discounts. To ensure repeat customers, send out reorder reminders and offer special discounts and rapid delivery on group orders.

In order to stand out, you need to offer unique rewards and special features that will attract young people to your website. Perhaps you should try to put yourself in their sneakers and mull a bit about what you would want if you were setting off for college.

Image courtesy of macrovector

Our  new e-book  provides a guide to holidays worldwide, the gift recipients, and the most popular types of presents given on each occasion.

Read A Guide to Global Holidays and Gift-giving to gain a better understanding of your cutomers’ cultures and buying preferences worldwide. Learn how to boost sales at high seasons and generate brand loyalty and return shoppers.

Read A Guide to Global Holidays and Gift-giving

Our new e-book provides a comprehensive guide to e-commerce by generations. How and where should you address each segment? What are your customers’ shopping habits, which are their preferences, and what channels should you use to engage them?

Key Tips on How to Target Your Audiences provides you with useful tips on how to best interact with your audiences to generate long-term loyalty and return customers.

Read Key Tips on How to Target Your Audiences.

The expected boom is mainly due to greater Internet connectivity, upgraded broadband infrastructure and the ubiquity of smartphone use. As it stands today, two out of three Latin Americans have Internet. Last year, 27.5% of all online purchases were done with a mobile phone.

Worldline’s research states that the average age in LATAM is a bit under 30. This means that e-commerce retailers should target a younger audience that uses social media, and particularly Facebook and Instagram, as a matter of course. Just for example, in Brazil these two social media channels together feature a penetration level of almost 70% among internet users.

The key issue of payments

The Latin American purchaser has very clear opinions regarding preferred payment methods and online security. Due to the fact that there is a large unbanked population in the region, many locals prefer cash payments or local debit cards. LATAM purchasers want to see prices displayed in their local currencies and feel secure that their personal data is not being breached when they pay online or via a mobile app.

Here is an overview of three key online markets in LATAM that are showing rapid expansion:

Brazil

Brazil is the largest e-commerce market in LATAM, and it accounts for nearly 32.8% of all regional retail sales. The Brazilian e-commerce segment is expected to reach BRL 79.9 billion this year, which constitutes a 16% growth year on year.

Brazilians use domestic payment methods for 90% of their online shopping. They pay with local credit cards, usually by installments. Another popular payment option is Boleto Bancario. This push payment method enables consumers to pay online, in cash at banks and ATMs, or electronically through online banking. This option appeals to local purchasers because there is no risk of chargebacks. Debit cards are gaining popularity due to the elimination of chargebacks and immediate payment confirmation.

Argentina

As of 2018, there were 17.46 million e-commerce users in Argentina and 30 million have access to Internet. An estimated 22.5 million individuals use a smartphone and 16.8 million shop online. Google, Facebook and YouTube are the most popular social media channels. The online market has been growing steadily and it is predicted to reach $10 billion by 2021. Argentine e-shoppers mostly purchase clothing, shoes and personal lifestyle items, as well as home and garden products.

Over 40% of Argentinian e-commerce transactions are via cards. Visa and Mastercard are the most common cards, followed by American Express, Diners Club, and the local schemes Tarjeta Naranja and Cabal. Cash-based methods like RapiPago and PagoFacil make up 44% of online payments. Most prepaid cards are bought in kiosks for cash. To complete a purchase, the buyer prints out a receipt and pays at locations that accept this type of payment.

Colombia

Colombia is LATAM’s fifth largest e-commerce market, with 65% of Colombians connected to the Internet as of last year. In 2018, there were 34.3 million smartphone users in Colombia. Some 87.8 million online transactions were carried out last year, moving $17.8 million in electronic transactions. Easier access to the Internet, particularly via smartphones, and an expansion in online services, such as banking and online payment services, are the key factors driving growth in Colombian e-commerce. Nevertheless, 94% of Internet users still prefer computers to make purchases, while 49% use smartphones. The most popular products bought online are electronics and computer products, fashion, entertainment and travel.

Cash on delivery and bank account debit are very popular payment methods due to low credit card penetration rates in Colombia. COD accounts for 40% of purchases. The younger generation uses social media like Instagram to make purchases online.

Avoiding the pitfalls

While these three markets are set to boom, it is very important to understand your customers’ purchasing mentalities and payment preferences at each location before jumping in.

Image courtesy of Freepik

Online and mobile transactions are particularly vulnerable to breaches, and passwords and codes can no longer provide adequate security against cyber attacks. Innovative technologies are being developed to meet growing fraud challenges. According to Capgemini, fraud detection systems using machine learning and analytics minimize fraud investigation time by 70% and improve detection accuracy by 90%.   

Machine learning fraud detection

Machine learning enables the creation of algorithms that process large datasets with many variables. The system reveals hidden correlations between user behavior and the likelihood of fraud. Machine learning systems enable faster data processing and are less dependent on manual effort.

MasterCard has adopted machine learning to monitor variables such as transaction size, location, device, and purchase data. The system assesses account behavior and offers real-time assessment regarding the nature of the transaction. The system reduces the number of false declines in merchant payments. According to reports, merchants lose about $118 billion annually due to false positives, while customers’ losses amount to nearly $9 billion.

Blockchain for digital identity

One of the main problems related to fraud is that personal data is shared by a wide range of organizations, providing hackers with easy pickings. By definition, blockchain or Distributed Ledger Technologies (DLT) is decentralized. This factor enables a new approach to identity management. Data can be shared across different transactional channels while enabling robust protection of user identities. Users will have the ability to create encrypted digital identities, and the need for multiple usernames and passwords will be eradicated.

Behavioral biometrics for unreplicable authentication

Behavioral biometrics authentication is based on the principle that no two human beings share the exact same behavioral patterns. When it comes to the use of mobile phones, each user has their own typing pattern, swipe speed and finger pressure. Through machine learning and by analyzing behavioral patterns, smart algorithms can continuously authenticate user identity in the background of a session without interrupting the user experience.

User behavior analysis  

One of the classic methods to detect fraud is to track deviations from usual customer behavior. A smart fraud system will pick up anomalies such as high values and unusual locations, new IP addresses, time of day, changed shopping patterns, and more. After detecting these activities, an advanced algorithm will raise a flag and assign a higher likelihood of fraud. The system will then send a verification request to the card owner in real time.

All of these methods constitute highly effective tools to fight sophisticated fraud. Small and medium-sized companies may find it more affordable to engage external data science experts or acquire third-party software rather than building an in-house team.

Photo courtesy of Nicole De Khors

South Korean payment preferences

China

Chinese payment preferences

India

Indian payment preferences

Photo courtesy of lifeforstock

As a travel service provider’s business scales to global markets, so the risks increase. How can you effectively mitigate fraud, enhance payment security, minimize chargebacks and optimize payment processing?

Our new eBook Best Payment Practices for the Travel Industry offers practical tips on how to mitigate high-risk challenges in the travel sector.

Read Best Payment Practices for the Travel Industry.

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.