Singapore – With Singles Day emerging as the top shopping season in Southeast Asia, over 50% of Singles Day first-time shoppers return for more, highlighting untapped potential for retailers according to a report by commerce media company Criteo.
Regionally, the report said that Singles Day emerged as the top shopping season with a 139% increase in sales while Black Friday saw a substantial 42% growth. New buyers surged by 335% on Singles’ Day, emphasising the value of acquiring them.
Specifically, Singles Day (11.11) experienced the largest increase in sales in SEA with Singapore, Malaysia, and Thailand witnessing the largest spike amongst SEA countries, with an increase of 192%, 214%, and 210% respectively. Regionally, other shopping events such as 12.12 saw sales spike by 112%.
Black Friday also rose in popularity as retailers in SEA saw a 42% increase in sales in 2022, compared to 17% in 2021. In Vietnam, retailers experienced the highest sales growth on Black Friday (+141%), which is likely due to Black Friday coinciding with the Vietnam Grand Sale 2022, a national effort to boost domestic consumption and support economic recovery in the post-pandemic period.
The report also stated that new buyer opportunities arise not only before, but also during and after key shopping events as significant spikes in purchases by new buyers rose by 335% on Singles’ Day, and 9% on Black Friday compared to September 2022.
In addition, 51% of 2022 Singles’ Day new buyers made additional purchases from the same retailer between December 2022 and May 2023, highlighting the lasting benefits of acquiring new customers during peak events.
With this in mind, Criteo also provided some actions that brands and retailers can take such as capturing new buyer opportunities through investing in acquiring customers during the peak season, planning early for early shoppers, and launching campaigns earlier for better customer engagement.
Talking about the results, Taranjeet Singh, managing director, enterprise, at Criteo APAC, said, “In the dynamic world of commerce, our insights from 2022’s Double Days reveal a clear trend – seasonal sales are a marathon not a sprint. At Criteo, we eagerly anticipate each year’s insights as an opportunity to empower our brand and retail partners in aligning consumers with the essentials they seek, fostering meaningful connections.”
“By integrating data and technology, supply and demand, and online and offline realms, we empower brands to construct a comprehensive peak shopping season strategy that ensures an unparalleled multi-touchpoints customer journey,” he added.
