• Jacob Cooke on China's Singles Day Shopping Festival

  • Nov 14 2024
  • Length: 19 mins
  • Podcast

Jacob Cooke on China's Singles Day Shopping Festival

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  • Summary

  • In this episode of The Negotiation, Todd Embley speaks with Jacob Cooke, co-founder and CEO of WPIC Marketing and Technologies, about the recent Singles Day shopping festival in China. They discuss the evolution of Singles Day, its performance in 2024, innovations in e-commerce, logistics challenges, and the competitive landscape of e-commerce platforms in China. Jacob shares insights on consumer behavior, marketing strategies, and the future of sales events in the region.

    Takeaways

    • Singles Day has evolved into a major shopping festival.
    • 2024 saw a 16% increase in sales compared to last year.
    • Collectibles and premium products gained popularity this year.
    • Alibaba made significant changes to support brands.
    • China's e-commerce relies heavily on direct bank payments, not credit cards.
    • Logistics during Singles Day has improved with a multi-day approach.
    • Alibaba and JD dominate the Singles Day market.
    • Consumer behavior is shifting towards higher-quality products.
    • Future sales events include 12-12 and Women's Day in March.
    • The competitive landscape is adapting with innovative strategies.
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