Who would have thought that a day that was started as a celebration of singlehood will turn into this full-fledged business carnival. Yes, we are talking about the Singles’ Day or 11/11 Day.
It was started in the early 1990s by Chinese college campuses in order to celebrate singles. This was further improvised in 2009 to a one-day price off promotion which is all about gifting your own self. It further transformed into a shopping festival a.k.a 11/11!
Singles’ Day is just around in Singapore with a great deal of offers for customers.
Not only is it a great opportunity for customers but it is also a window for small business owners to create an audience base and spread awareness about their brand.
It is a known fact that 71% of Singaporeans purchase online. As a result, there has been a 140% increase in online traffic during the sale in comparison to a regular day.
This has further resulted in a 935% more purchases than on an average day.
Based on these results, as a small business in Singapore, now you know how to seize this golden opportunity. But here’s the thing, every other business knows about this and thus, the competition to stand out is tough.
Below mentioned are a few things that you can do to make your case stronger.
1. Look for ways to offer good deals
Identify the product that you are a hundred percent sure of and you know that will make a good impression. Now all you need to do is to submit it under the flash deal and you are good to go.
Always know that the better deal you make, the more chances there are for your product to get sold out. The result of this flash deal will last longer than you can imagine. If the customers like your product they will come back to you as a regular and more business will follow.
Consider Single's Day as your small business’ golden ticket to recognition.
2. Stocks & Stock Keeping Unit (SKU)
Another important factor to improve your chances is managing your Stocks and Stocks Keeping Unit (SKU) selection. Your SKU is used to track inventories of your business. If you want to maintain a profitable e-commerce business, then this is the most helpful way to go.
As soon as you lock down the products for your flash deal, make sure to stock up. Nobody wants to see their SKUs run out of stock while you are in the middle of the sale. Ideally, you should stock up 10 to 20 times more for Single's Day than your usual day in order to avoid running out of supply.
3. Plan your traffic
Once your Single's Day campaign has been finalized, the next step is to look after how your deals will be presented before the customer. The way you decide to position your ads or deals can make or break your sale.
You can always opt for running ads on social media platforms such as Facebook, Instagram, Google etc. Paid marketing can always help boost your sales in the right direction.
When the sale goes on for days, the pressure can be distributed, but when everything is riding on a single day to make sales and gain recognition, the pressure is definitely a lot to take.
But, worry not, you can always apply for a small business loan in Singapore for stocking up your inventory including all the other factors that are involved in making this day a success.
4. Accept Foreign Transactions
Often Chinese buyers use UnionPay, Alipay and other major credit cards. And so to make their experience any easy one, get an e-commerce platform to make sure that any transaction can go through. You can opt for solutions like FastSpring which will handle any type of payment. It will also make sure that all the global and local rules and regulations are met.
5. Apply for a small business loan
Most of the e-commerce platforms find it difficult to find a small business loan for a cause like this. This is where Finaxar comes to the rescue.
It is every small business’ answer to solving their financial issues in comparison to the hassles of applying for a loan from a bank.
Finaxar is an online financing platform, and every step is extremely easy and hassle-free. It has partnered with the reputed accounting tools such as Stripe, QuickBooks, Lazada, Financio, Xero and Sage to provide a seamless financing service, thanks to its modern technology.
The best part is that you can access funds of up to $500,000 which comes with a fixed tenure & a flexible repayment plan.
So, if you are a customer, be ready to get the best deals of your life, and if you are a small business, you have everything you need to make this Single's Day push your business in the right direction.