The largest shopping day in the world aka 11 Nov Singles Day is near and lucky for you, because here is how to prepare for 11.11 - as shared from seasoned Lazada Executives. In 2018, Alibaba alone generated revenue of $30.8 billion in sales during the 11.11 Singles Day Sale in a single day. As for this year, Alibaba wants to bring it internationally. So, you can expect it to be bigger!
The big day is near and we have gathered tips and tricks on how you can make the most of the event from our two seasoned Lazada Executives:
So, ready to hear what our professionals have to share about what and how to prepare for 11.11 Single's Day?
"11.11 is the biggest shopping day of the year for Lazada" - Daniel Vanegas
It might change from year to year but usually is expected to see up to 10x the volumes compared to an average day. This day is so important for Lazada that some teams start working on this project up to 10-12 months in advance. The marketing and advertising of this campaign usually start 1 month before the big day.
Identify your killer product, and give it a good deal. Submit it for the flash deal for your shop to gain visibility.
"Think strategically - what is the must-buy deal?" - Andrea Baronchelli & Daniel Vanegas
Prepare in advance your best deals to be released during the d-day. Strategically think about what can be a must-buy deal that you can show to your customers during the d-day. The better the deal the larger the volume that you’ll get. This will also help you create a base of loyal customers that will remember you as a seller and will come back during the year to browse your online shop and shop again.
The second most important point goes to stocking up and managing SKU (Stock Keeping Unit) selection. SKU is used to track inventories your business owns. They are very helpful to maintain a profitable retail business.
Once you have locked down the deals you want to submit for the 11.11 mega campaign, make sure you stock up. The last that you want is to see how your SKUs run out of stock in the middle of the day and lose a “double the sales opportunity”. Stock up 10-20x volumes from normal day to avoid running OOS (Out of Supply). Prepare wise assortment (10-30 SKU) in the shop.
In our previous blog, we have mentioned 3 reasons why you should invest and stock-up more in these campaigns.
Last but not least, traffic planning. Plan everything on how will customers arrive to see your deals. If you have very competitive deals you will be eligible to be featured on the main campaign pages. Additionally (and most importantly) drive your own traffic with your online marketing channels (Facebook, Google, Instagram, etc). Run paid marketing campaigns.
"Provide 5 pictures on each listed item. Having good reviews of products is proven to increase the chances of getting items sold" - Andrea Baronchelli
Go for the width of assortment within your store because customers want to see a wide selection of product range.
"Planning should be done 3 months in advance." - Andrea Baronchelli
Moreover, understand who your customers are and where do they spend their browsing time. Is it on Facebook, Instagram, Google? Or is it elsewhere? Drive your marketing in the relevant platforms and bring traffic to your online shop.
"Focus on 3 things: Pricing, Stock and Content" - Andrea Baronchelli
Pricing → Shall be < 10% discount than normal day.Stock → 10 - 20x than normal day stockContent → 5 pictures per item
"Always try to be innovative." - Daniel Vanegas
Do you really have a presence in the hottest trending channels? For example, online sellers that started advertising via live streaming saw a significant uplift in sales.
Now that it's 2 months away towards the big day, it's not too late to stock up, manage SKU selection and start strategizing your marketing plans for your shop.
Andrea Baronchelli is now the Co-Founder and CEO of Aspire together with Daniel Vanegas as Growth Product Manager. Andrea saw a problem for online sellers to get funds, especially during events where quick funds are needed. Thus, he founded Aspire to help small business owners like yourself.
At Aspire, we envision a world where business owners have fast and simple access to the funding they need to grow. That’s why we’re on a mission to re-invent banking for SMEs across Southeast Asia. Our current product provides SME and startup owners in Singapore with financial flexibility through a line of credit of up to S$150k. Which, can also be used to make business payments to enjoy 60 days free credit terms. With no monthly fees or obligations to withdraw, you only pay interest on the amount you end up using. Opening an account is free and can be done online here.