2020 reflections - making the most of peak - Chinese perspective
Join Mumtaz Khamker (global head of strategic growth for webgains ltd.) and Wingmei Ng (account manager for webgains ltd), and gain insight into the China and AsiaPac market, discovering the key trends and cultural shifts which led to peak performance during 2020.
Highlights Include: Singles' Day Overrides Black Friday in China
Unlike Black Friday, Singles' Day is more than just a sales event; it's a festival for celebration. The day used to strengthen and manage the relationship with clients and customers. As such, innovative tactics are employed to bolster spending and encourage engagement.
Drunk Elephant utilised AR technology to enhance the shopping experience, projecting their range into shopper's bedrooms to conjure excitement. As a result, the implementation of AR reduced bounce rate and increased engagement.
An unexpected success story was of a real estate company selling houses during Singles' Day. The company offered discounts and used AR technology to assist with real-time viewings. This tactic played into the younger consumer's expectations (namely, quality service and quick turnaround) and accelerated the buying process with the ability to bid for an outright purchase.
Singles' Day promotions spanned a longer period than in previous years, mirroring 2020's Black Friday promotions in the West. This strategy was used to boost consumer spending as a result of the effects of the pandemic.
The Changing Face of eCommerce
Wingmei discusses the impact of Alibaba as social media giants such as TikTok, WeChat, and BiliBili (the Chinese Youtube) are building their eCommerce platforms to leverage traffic and dwell-time from younger audiences. How will this impact the traditional eCommerce conglomerates' position in the retail landscape?
China is ahead of the game when it comes to specific promotional methods. Brand CEOs from the likes of Huawei and Xiaomi are live-streaming their products rather than relying on influencers to engage audiences, taking advantage of the rapid upward trajectory of video content marketing.
Spending Habits and the Generational Gap
Like the West, the pandemic has dramatically changed the older generation's buying patterns, increasing online spending. The generational gap in China has never been more apparent. Older family members consult their digitally native younger members to discover new and emerging brands rather than sticking to familiar established brands they know and trust.