Gains from world’s biggest shopping day
The eye-watering sales numbers of Singles’ Day only show the huge opportunities Kiwi retailers have in the world’s largest online one-day sale.
The day when millions of Chinese buyers descend upon Alibaba for a shopping spree raked in US$17.8 billion ($25b) in 24 hours.
Kiwi company Ecostore was one of the 11,000 brands from outside China that took part in the sale. Founder Malcolm Rands said they sold 29,000 items, or $400,000-worth of products, on the day, with items like laundry liquid selling out in just 10 minutes. Last year, the company made $140,000 in sales on Singles’ Day.
We're in a "golden age" for NZ businesses
Rands attributed the significant lift in sales to the increasingly discerning Chinese consumer.As China struggled with pollution and environmental problems, New Zealand’s image as a clean, pure country meant the Chinese market presented significant opportunities for eco-friendly products. Ecostore products have been sold on Alibaba’s businessto-consumer website Tmall for 14 months.
Alibaba Australia and New Zealand business development director John O’Loghlen said it was a ‘‘golden age’’ for New Zealand businesses to make the most of Chinese consumer trends.
‘‘We’re in an incredible period of time where we can embrace the Chinese consumer and position New Zealand for the next 20 or 30 years.’’
Newmarket Business Association chief executive Mark Knoff-Thomas said there was absolutely an opportunity for New Zealand retailers to benefit from something similar to Singles’ Day here.
It was unlikely a New Zealand event would reach the billions of dollars of Singles’ Day.
However, there was now more of a Kiwi shopping culture and retailers had an opportunity to think more about customer experience, Knoff-Thomas said.