WE HAVE OUR FINGERS ON THE PULSE OF GLOBAL RETAIL

Singles’ Day is the biggest shopping day in the world led by the Chinese ecommerce giant Alibaba, taking place every year on the 11th November. As the day is right around the corner, brands and retailers are preparing their offerings in anticipation of the momentous event. With Singles’ Day up to a record $115 billion last year in 2020, will 2021 make a new record? How has shopping changed from 2020 (almost entirely online due to lockdowns) to 2021? What should brands and retailers take note of this year? What are the best practices for them to succeed? This article will take a closer look at Singles’ Day, first defining what it is before exploring the wider questions as well as key insights and takeaways for sellers and retailers alike.

Social shopping is a rising trend which is characterised by consumers making purchase decisions based on reviews, recommendations and social media posts about a product. Users can utilize social media networks in an effort to recommend and share various products or services to their family, friends or other internet users. Such behaviour is certainly on the increase – with many marketplaces attempting to blend commerce and social media in order to drive revenue.

With global warming and climate change initiatives drawing more attention globally, the demand for goods aligned with sustainability regulations and circular buying cycles has never been greater. Etsy has ballooned into the fourth-largest marketplace in the world in a short amount of time – with the number of active buyers rising from 9.32m in 2012 to 81.9m in 2020. Similarly, Depop has a cult-like following amongst Gen Z, hunting for hidden gems and upcycled custom pieces.

This week OnBuy announced 600% revenue growth for the second year running, having also revealed 24,000% GMV growth at the end of this fiscal year – just four years after the marketplace launched. With such extraordinary results as the marketplace continues to go from strength to strength and an exclusive ITV advertising campaign in the bag, I caught up with OnBuy Founder and CEO, Cas Paton to discover the secret behind the marketplace’s success.

Innovation has always been at the heart of the We Are Pentagon Group, and we continuously evaluate how we can help our clients accelerate their online growth.