Alibaba, online retailers eye Southeast Asian growth on ‘Singles Day’
Summary
The event – held on 11.11 because the date resembles single individuals when expressed in numerals –generated a whopping 418% spike in online retail sales for Malaysia last year, and a comparable 368% increase for Singapore. For example,11.11s spinoff 12.12, held on Dec. 12, was created for smaller merchants to shine away from the spotlight typically on big players during Singles Day, and saw online retail sales jump 195% for Malaysia in 2018, and 92% for Singapore. Even with the ongoing U.S-China trade war, mobile marketing company App Annie projects Alibaba’s e-commerce event to rake in $37 billion in one day this year, fueled by digital spenders glued to their smartphones. The study surveyed close to 9,000 people across nine countries, including major economies in Southeast Asia, and found that consumers are influenced considerably by their interactions with merchants before letting go of purse strings. “Southeast Asia is currently experiencing rapid adoption rates, closely mirroring the evolution in China, where established e-commerce players are taking significant steps to adapt to this emerging market potential.”
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