Alibaba’s annual mega-sales day, known as Singles Day, is set to be bigger than ever this year as it introduces its “New Retail” strategy, which further connects online and offline shopping.
The event, which takes place on November 11 every year, is celebrating its 10th anniversary in 2018, with the ambition to top last year’s record-breaking $25.3bn revenue in 24-hours. The focus will be on expanding scale and reach, according to the e-commerce giant, which includes moving beyond its home in China.
“Over the last two years, we have pioneered the concept of New Retail to accelerate the digital transformation of the offline,” said Alibaba’s CEO, Daniel Zhang.“We are excited by the impressive results achieved to date and will continue to be the driving force innovating for merchants and customers in the coming decades.”
As for geographical reach, platforms in the Alibaba ecosystem (TMall World, AliExpress and Lazada) are focused on bringing the event to overseas shoppers. Lazara, for example, will host its own festival for customers in Singapore, Malaysia, Thailand, Indonesia, the Philippines and Vietnam.
Moreover, Alibaba’s TMall plaform is already offering 500,000 items for pre-order as of October 20, following a see-now-buy-now fashion show on the same day, which enabled the company to respond to any insights on demand.
This year also includes a new focus on independent retailers. The retailer is working with 200,000 mom-and-pop shops which have been upgraded with Alibaba’s technology tools, such as AR-enabled discounts in-store and online promotions.
Other brands including L’Oréal and Starbucks have also announced plans in place. L’Oréal China will launch a series of pop-up stores allowing customers to interact with virtual mirrors using AR and AI as well as vending machines, according to Hagen Wuelferth, the beauty group’s chief digital officer.
The shopping day’s extraordinary growth over the past 10 years aligns with China’s appetite for digitally-enabled experiences, which have not reached the same level in the West.
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