Singapore, 30 October 2024 – Criteo (NASDAQ: CRTO), the global leader in commerce media, has released vital insights from Singles’ Day 2023 across Southeast Asia (SEA) and Greater China. As a retail phenomenon, Singles’ Day (11/11) presents brands with an unparalleled opportunity to engage consumers, solidify brand loyalty, and outshine competitors. According to Criteo’s latest data, SEA online retail transactions rocketed by 140% in November 2023, with an impressive 16% uptick in the average basket size compared to early October. Meanwhile, Greater China’s e-commerce activity surged even further, with a 237% increase in transactions and a 6% rise in average basket size.
“As the year-end sales season draws near, it’s timely to glean past insights to better seize the opportunities that lie ahead,” said Taranjeet Singh, Managing Director, Venture Markets, APAC at Criteo. “One thing is clear: such e-commerce events hold tremendous potential and impact for brands and retailers to capitalise on the moment. In providing these datasets, we hope to empower our brand and retail partners to maximise sales opportunities and enhance customer experiences as Singles’ Day draws around once more.”
A Record-Breaking Day for Online Sales
Across SEA and Greater China, Singles’ Day shattered previous records as a peak shopping day. SEA transactions grew by 140%, and unit sales soared by 178%, far outstripping other retail events like Black Friday. Top-performing categories included Baby & Toddler (407%), Health & Beauty (352%), and Furniture (277%) in SEA, with Health & Beauty (417%), Home & Garden (326%), and Luggage & Bags (311%) leading in Greater China.
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A Surge in Key Shopping Hours
Singles’ Day shoppers showed distinct activity patterns, with SEA online transactions peaking early in the day (12 AM – 1 AM) at +325% and unit sales at +370%. In contrast, Greater China saw a shopping spike in the final hour (11 PM – 12 AM) with transactions rising by +345%.
A Vital Chance to Convert New Customers
Singles’ Day has proven highly effective in attracting new customers, with a 63% rise in new SEA shoppers in 2023 alone. While the influx of new buyers slightly declined this year, Criteo notes this shopping event remains a prime opportunity to build long-term customer loyalty.
Strategic Insights for Retailers
Singles’ Day and similar sales events highlight emerging trends and opportunities for growth in retail. Criteo advises brands to consider the following strategies:
- Start Campaigns Early: With high transaction rates during sales events, advance media planning and preparation can maximize consumer engagement.
- Go Full-Funnel: Utilizing retail media and cross-channel promotions can enhance customer reach and brand recall, attracting both new and returning shoppers.
- Optimize for Speed: Align advertisements with high-traffic hours for maximized visibility and conversion rates.
Methodology
Criteo analyzed data from 20 countries and 600 product categories, capturing trends across 19,000 advertisers and retailers. This data reflects broader e-commerce behavior, providing a market-wide perspective on consumer engagement during Singles’ Day.
About Criteo
Criteo (NASDAQ: CRTO) is a global commerce media innovator that empowers marketers and media owners to drive optimal commerce outcomes. Its advanced Commerce Media Platform facilitates enhanced consumer experiences from discovery to purchase, reinforcing a dynamic and open internet.
