Jacob Cooke | Singles Day, November 11th, the Largest Shopping Day of the Year

Today on The Negotiation, we talk with Jacob Cooke, co-founder of WPIC Marketing and Technologies. Jacob gives some expert advice for companies who are preparing for China’s Singles Day, also known as 11.11. Singles Day began several years ago as a marketing ploy from Alibaba Group who planned to make a purely commercial shopping holiday for the widest possible demographic, with an emphasis on big-ticket deals. 11.11 has since taken off and demonstrates a growth average of 30-40% year after year. For brands seeking a new growth strategy, it is imperative to prepare well for this popular shopping holiday.

Jacob goes into how companies can qualify for Singles Day. Needless to say, these brands have to have a proven track record of being able to deliver efficiently. Internal decisions should begin as early as August. Aspiring qualifiers should discuss which products to sell, discount strategies, and projections based on how much inventory to have by a set date. Companies must submit their proposal by the end of August and lock their stock so that other platforms will not be able to distribute their selected products. The final step is to conduct a presale that will last until 11.11 itself.

Jacob also recommends new brands to specifically emphasize discounts in their first couple of years around Singles Day for the sole purpose of getting as much exposure as possible. In the succeeding years, they should gradually return to standard pricing, which may result in fewer sales but, at the same time, higher margins.

The e-commerce landscape in China today has changed—and continues to change—the retail (and even wholesale) game. Listen in as Jacob lays out his best practices that any scaling company, whether already in China or seeking to enter the market, should apply to take full advantage of Singles Day.