Alibaba founder Jack Ma.

Alibaba Singles Day 2018 Biggest Online Shopping Day

Alibaba just had the biggest online shopping day of all time, nearly tripling every company’s 2017 Black Friday and Cyber Monday sales combined

Alibaba made e-commerce history on Sunday, with $30.8 billion in sales over the last 24 hours as part of the company’s massive Singles’ Day celebration.
The $30.8 billion in generated sales is a significant increase from 2017, when customers spent $25.3 billion.
For comparison, total online sales on Black Friday reached $5 billion in 2017, according to Adobe Analytics data. Cyber Monday sales last year reached about $6.6 billion.
SHANGHAI, China – Alibaba just made e-commerce history.

With the company’s massive Singles’ Day celebration on 11/11 – November 11 – coming to a close, Alibaba reports that customers spent $30.8 billion online over the last 24 hours. That is a significant increase from the $25.3 billion in gross merchandise volume (GMV) Alibaba shoppers spent in 2017.

Alibaba‘s Singles’ Day celebration is the biggest shopping day of the year, as the company dominates the Chinese e-commerce market. Shoppers – primarily in China, though the company is increasingly offering Singles’ Day deals in new countries – flock to Alibaba sites including Taobao.com and Tmall.com.

More than one billion delivery orders were placed over the course of the 24 hours, the first time Alibaba’s Singles’ Day sales surpassed the billion-package landmark. Last year, 812 million orders were placed on 11/11.

Total online sales on Black Friday reached $5 billion in 2017, according to Adobe Analytics data. Cyber Monday sales were roughly $6.6 billion.

“Everywhere I go, which is pretty much everywhere in the world, there are not very many people who do not know about 11/11,” Alibaba’s president, Michael Evans, told Business Insider in an interview on Sunday.

“Many people ask the question – how can we participate next year? People are very interested, I think partly because they’ve heard of Black Friday and Cyber Monday and they think that’s quite big.”

He continued: “They’ve heard of Amazon Prime Day. But, we sold as much in five minutes as Amazon sold in an entire Prime Day.”

Alibaba exceeded $4.68 billion in GMV in less than 10 minutes after 11/11 kicked off on Sunday morning.

While not an exact match, Alibaba’s Singles’ Day is similar to Amazon’s Prime Day in many ways. Both “holidays” were created or built up for pretty much the sole purpose of offering deals and pushing sales.

However, Singles’ Day is far larger than Prime Day. While Amazon does not release Prime Day sales figures, total online sales are estimated to have topped $4.2 billion over the company’s 36-hour Prime Day event in July 2018, according to Wedbush Securities Inc. analyst Michael Pachter.

Alibaba was crucial in making Singles’ Day, previously an obscure holiday observed by just a handful of companies, a massive cultural phenomenon over the last decade. This is the 10th year that the company has celebrated 11/11.

As the company celebrated a decade of Singles’ Day, Alibaba executives emphasized the need to find new ways to continue to evolve, whether that means expanding in different regions or exploring new types of business. This year, more than 20 Alibaba-owned businesses including online shopping site Taobao, delivery platform Ele.me, and supermarket chain Hema participated in 11/11 deals.

“Philosophically, how we look at whether we got into one business or another … we never ask ourselves whether this is a lucrative area or whether it’s going to be a commercially successful thing,” Alibaba cofounder and executive vice chairman Joe Tsai told Business Insider.

“We do things out of necessity and we do things out of fear,” Tsai continued, citing Alibaba’s 2003 launch of Taobao to shut down the threat of eBay expanding in China.

“There’s a high sense of paranoia within the company.”


Article Source: Kate Taylor, Business Insider US
Image Source: Alibaba founder Jack Ma. Marcos Brindicci/Reuters

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Raising the Bar for Ecommerce: The Omni-Channel Approach to Customer Experience

In the last decade, the growing adoption of ecommerce has been swift–and ruthless. Huge retail market players like Best Buy and Toys R’ Us are shutting down huge chunks of their physical locations due to plummeting revenue. Not only is this a result of not embracing ecommerce early in its wave, they are also now competing with ecommerce giants like Amazon and Alibaba who sell the same or competing products online.

Traffic drought in physical stores could be attributed to the rising number of purchases made over the internet for certain customer and product segments. For some, the revenue drop is significant. And yet another part of the challenge big box retailers face as publicly traded companies is that they have to answer to their investors–and with ecommerce delivering superior results, the patience afforded to big box retailers is just not as generous.

 

So, where does the success of ecommerce lie?

At the heart of the growth of ecommerce is its customer-centric nature. With the explosion of internet users, particularly mobile, many buyers prefer the experience of purchasing over the internet and over their smartphones. According to a 2018 study by Accenture and eMarketer,  39.6 percent of the projected $1.357 trillion in global ecommerce sales will be done through smartphones.

While physical stores still dominate the bulk of revenue generated in retail, ecommerce is gaining momentum and is delivering bigger margins for businesses due to the rising cost of rents and inventory holding of physical stores. More and more customers are choosing to buy online, and this changing landscape is proving to be a challenge for physical retailers and a healthy harvesting ground for ecommerce.

 

Ecommerce challenges and the road ahead

Cart abandonment, subpar after-sales support, and poor inventory forecasting are still the top challenges ecommerce sites face today. All three impact the customer experience directly and ecommerce experts know that revenue growth is a function of CX.

Big players know that consumers are experience-sensitive within ecommerce platforms. Businesses aim to speed up the sales process and create new streams of revenue, and the key to this is to create and maintain an ecommerce environment across touchpoints (web, mobile, social, etc.) that is focused on delivering convenience and superior customer experience.

 

The omni-channel approach

This omni-channel approach is one that both big and small players need to focus on. Omni-channel in traditional marketing refers to the unified buying experience of customers across various channels. Each interaction with a channel impact a customer’s propensity to purchase and return to the platform across different devices.

Omni-channel is more than just a technology offering or a sales tactic. In today’s world, it encompasses the experience and relationship a customer has with your brand across devices, platforms, and channels.

With the use of data, content, and tech, businesses can and should deliver a seamless experience if they want to win in ecommerce.

A customer’s experience on mobile should match what they experience on the web. Many buyers are familiar with the frustration of losing their wish lists and carts when they choose to continue their buying process on another device.

A seamless experience which syncs these channels gives the customer a level of convenience and personalization that positively impacts their buying decisions.

 

Omni-channel ecommerce strategies

Here are some strategies you can roll-out for an omni-channel approach to ecommerce:

  • Better data on customer preferences, interactions, and behavior

More and more customers favor a mixed platform experience. Some customers shop online exclusively, some in-store, but a big chunk of customers traverse back and forth between online and in-store when shopping. This is partly due to the internet being ubiquitous–online ads and shopping have become part of the daily consumer experience.

Customers see an ad online, they buy in-store. They see a product in-store, they shop for a better deal online. Both of these are just examples of the countless platform and channel combinations in buyers’ journeys.

Understanding this process, the triggers, and impacting factors that are involved in various stage of a customer’s purchasing journey is key to delivering a great omni-channel customer experience.

Businesses know that capturing and harnessing this data to improve CX is a crucial part of growth. With how tough competition is in ecommerce, businesses can no longer drop the ball at any point of contact with the customer. Capturing customer data at every point of interaction is essential in delivering superior CX.

This data informs business decisions especially in areas that directly impact CX. This includes pricing, inventory, UX/UI, and after-sales support.

 

  • Embracing machine learning to deliver personalization

Customers crave personalization.

The omni-channel approach gives way to a unified and cohesive experience, and in the heart of that is personalization. Related to the first point, businesses now have the ability to harness customer data to deliver a highly-personalized shopping experience.

However, a challenge that many businesses face when it comes to personalization is scalability. It’s not difficult to provide personalized sales and service experience to a hundred web visitors, but ecommerce traffic can easily go to hundreds of thousands to millions each month. There’s no way to manually provide personalization at this scale.

The solution? Embracing machine learning.

Hiring new personnel to scale up with your growth to analyze all website data is inefficient, especially in this age of machine learning. Machine learning technology eases your team’s workload and automatically processes, analyzes, and makes changes based on the data you’ve captured. Your team’s expertise helps inform and set the strategy, and machine learning can automate its implementation in your daily operations. Of course, machine learning algorithms work with your data, so the more data you capture, the more sophisticated they can be when delivering the personalized experience to your customers.

Ecommerce customers respond positively when they feel that a brand knows what they want and understands them. Online business must be sensitive to this and show the customer what they are likely to purchase, and machine learning can help them automate and scale that. Overall, it’s a positive experience for both ends when done right.

 

  • Integrating physical with ecommerce

The omni-channel experience is not contained within the confines of online shopping. For many brands, the integration of they physical and online buying journey is essential. Thankfully, technology has opened doors to address this.

The wide adoption of mobile consumer technology allows business to engage with their customers wherever they are–including in-store. Through geolocation and geofencing, businesses can apply personalization and targeting tactics to provide a seamless in-store and online experience to buyers.

Some online shoppers might have doubts when purchasing certain items online. This could happen in apparel and when purchasing high ticket items. There’s no reason to not deliver a seamless experience even in the face of these doubts.

There are many instances where disjointed operations of brick and mortar shops and online stores cause negative experiences to a shopper. Imagine, a shopper sees a dress they like online for a certain price but want to try it on first. At the store, the dress fits but the price is significantly higher than the online price.

A failure to address these types of situations results to a negative customer experience. Given the sensitive if not finicky nature of consumers when it comes to brand loyalty and spending, these small situations when multiplied in scale directly impact revenue for any business.

 

  • Consistent after-sales support

After-sales service is a sore spot for consumers. The experience of having to provide all your info again–sometimes through unsecured channels like email!–to get after-sales service is one that’s not only frustrating for the consumer, it also represents the kind of service a brand is able to deliver.

The concept that acquisition is more expensive than retention applies to ecommerce as well. The amount of marketing spend business have to make to increase their acquisition numbers is surprising. David Skok once shared that JustFab, an online fashion retailer that’s part of their investment portfolio, has scaled really well but at the expense of suffering margins because of the sheer amount of marketing dollars required to get new buyers.

While customer acquisition is definitely a wheel in the cog that you can’t do without, putting a prime on retaining the customers you acquired is doubly important to get the most mileage out of your resources.

Now, on ecommerce sites, a bulk of the after-sales service is coursed through the website. Many companies use a central FAQ with a contact form in case the issue wasn’t addressed. Live chat, email, and phone are other common channels. In many cases, agents will ask for information when you reach out, even when you’re still logged in or are using an email address associated with your account.

Even for simple order-related questions, agents usually would ask for specifics like order number and product name. The companies have the information, why can’t reps just look it up in the system? This data disorganization severely influences a customer’s experience with your brand and their likelihood to make a repeat purchase.

When it comes to after-sales, customer satisfaction is achieved through swift and accurate handling of the issue.

Having your data unified in one place and accessible to agents at the moment of interaction whether by email, live chat, or phone, ensures that a seamless experience is delivered to the customer. Also, shaving a couple of seconds out of each conversation positively impacts not only the customer experience but also team productivity.

 

Raising the bar for today and the future

The omni-channel approach to ecommerce is in its heart a customer-centric pursuit. It drives customer satisfaction while directly improving revenue growth for a business. The ability of a customer to access your brand wherever they are is essential to win today and the future, but it will all amount to little if the customer experience is not up to their satisfaction.

CX and the omni-channel approach go hand in hand in giving customers swift, easy, and pleasurable ways to shop for what they want.

Article source: https://www.tenfold.com/customer-experience/customer-experience-raising-the-bar-for-ecommerce-the-omni-channel-approach-to-customer-experience

What is B2C? A Guide for Sales Professionals

Just a decade ago, not a lot of people aspired to have a career in sales. Our mental image of a sales professional is a cutthroat, sweaty, fast-talking person–someone who uses trickery and smooth-talking to close a sale.

Today, more than three billion people are connected to the Internet. Globally, there’s a growing emphasis on value-based sales–and more people are looking into selling as a career. Search terms like ‘What is B2C?’, ‘What is CRM?’, and dozens of other questions flood Google each day.

The confusion stops with this post–you will know what B2C is, and why understanding it matters to sales professionals. Familiarizing yourself with B2C–and its difference from B2B–is vital to your career success. Ready? Let’s start.

In a nutshell: What is B2C?

B2C stands for business-to-consumer.

Investopedia defines B2C as “businesses or transactions conducted directly between a company and consumers who are the end-users of its products or services.”

To understand B2C thoroughly, it’s imperative to contrast it with B2B or business-to-business. Simply, B2B transactions are done between two businesses while B2C refers to transactions between businesses and end consumers.Where B2B offers services for other businesses to improve their operations, B2C directly addresses consumer needs through their products.

Sandeep Krishnamurthy’s piece published by Inc.com and Wikipedia divides the B2C space into five categories:

What is B2C Sales?

In the B2C sales model, businesses prospect and sell to individual consumers. B2C companies and sales professionals sell goods like dining options, cars, and other consumer-facing commodities.

 

B2C vs B2B: Key differences in the sales process

  • Speed

B2C sales is fast and consists of a few targeted touches and a continuous presence. B2B sales is a more long-drawn sales process which can take several months to years of presence, lead nurturing and engagement.In the B2C space, there is an emphasis on making all transactions as fast as possible. 

Although the same can be said for B2B companies, the nature of products and prospects don’t always call for fast transactions. In fact, taking their time throughout the sales funnel can deliver bigger contracts for B2B sales professionals.

  • Decision Makers

B2C sales decisions are usually made by one or two people. A whole company department, often in tandem with consultants, can be involved in making decisions regarding a B2B product purchase.

  • Leads

B2C sales cast a wide net in attracting and qualifying leads, whereas it is imperative for B2B sales professionals to laser-target sales prospecting and lead qualification.In terms of where they source and generate their leads, B2B and B2C companies intersect on many platforms.

HubSpot reports that 41% of B2B companies and 67% of B2C companies have acquired a customer through social media site Facebook.

  • Price point

The price points of B2C goods are relatively lower that those of B2B products. B2B sales can reach millions of dollars and are usually executed by long contracts.Still, B2C sales take a huge chunk of the whole sales block.

According to eMarketer, global B2C eCommerce sales were pegged as high as $15 trillion, with this steady growth primarily driven by emerging markets like Asia Pacific.

  • Variety of Offers and Buying Process

B2C transactions are clearly spelled-out and straightforward. Product offers are usually mass produced, hence uniform in character. B2B offers are highly customizable and the nature of the buying process is complex and case-to-case.

Case Study: Coca-Cola

Banking on Emotion in B2C Sales & Marketing

For B2C goods like food, homes, and cars, it’s not so much what can it do for me, but more about how does it make me feel.This is why emotion-driven and emotion-triggering marketing campaigns run rampant in the B2C space. 

From social media to TV network ad spots, marketing and advertising decision-makers are spending more of their budgets toward campaigns that bank on this attribute.

Dr. Peter Noel Murray of Psychology Today’s Inside the Consumer Mind went as far as stating, “Emotions are the primary reason why consumers prefer brand name products. After all, many of the products we buy are available as generic and store brands with the same ingredients and at cheaper prices. Why do we decide to pay more for brand name products?”

Yes, these efforts and resources are not spent in vain. B2C giant Coca-Cola is the biggest global spender in terms of marketing. Ad Age Datacenter reports that in 2013, the company spent $3.3 billion on advertising, globally. Company CEO Muhtar Kent said that they will increase their media spending and brand-building initiative by around $1 billion by next year.

Most of Coca-Cola’s resources are spent in the creation and promotion of campaigns that seek to spark certain emotions, far removed from their product: a hyper-sweet caffeinated beverage long criticized for its ill effects on health.Coca-Cola sits comfortably as the third best and most successful global brand, behind tech giants Apple and Google. 

 

Skills for B2C sales professionals

B2C sales professionals target vast and diverse markets–anyone can be a customer. It’s very difficult to collect a set of behaviors and features that is unique to a prospect, lest you risk slicing your market. It’s imperative for a sales professional in B2C to be able to turn issues and problems into opportunities.

As with any sales position, all jobs under B2C sales requires great communication skills, the ability to take criticism and rejection, strong multitasking skills, being results-oriented, and a natural inclination to mingling with people.

An Aspiring Minds study revealed, “English communication skills combined with conscientiousness and extraversion show the strongest correlation to the success of (sales) professionals.”

With Google’s push toward helping small local businesses get their operations online, the playing field for B2C inside sales professionals is expanding at a good pace.

Getting thoroughly familiar with B2C and the processes in this space is crucial to sales success. In future posts, we will take on more in-depth topics within B2C and B2B. For now, we have a ton of helpful information on the Tenfold Inside Sales blog–from tips and skill-building guides to opinion pieces on the trends and issues in inside sales.

Article source: https://www.tenfold.com/what-is/what-is-b2c

 

Vanness Wu And Arissa Cheo Have Split

Are Vanness Wu and Arissa Cheo still married? or are they not?

It is official. Taiwanese actor-singer Vanness Wu and Singaporean socialite turned fashion entrepreneur Arissa Cheo have officially gone their separate ways after five years of marriage being on the rocks. According to the Singapore law, it states that a marriage cannot be dissolved within three years without special reasons. Therefore, the couple had lived separately for three years and during this period, Arissa was not given any other alternatives after receiving two divorce papers from Vanness.

“My client does not believe in divorce but at this point she is left with no other alternative. She has worked hard for this marriage but given the unhappy state of affairs, she no longer wishes to continue to live in hurt and pain.” said Ms. Foo Siew Fong, lawyer of Eversheds Harry Elias LLP, in a statement.

In a relationship analysis point of view, both of them have a powerful attraction to each other and it was fate that brought them together. The relationship has some intensity to it and can be challenging at times. The two are very close and get along very well.

Even though Vanness and Arissa got married in a fairy tale wedding in November 2013 after dating on and off for seven years, clashing personalities, irreconcilable differences and Arissa’s lack of support for Vanness’ career were said to the reasons for their breakup.

Vanness denied rumours of a strained relationship by mentioning to the media that he was busy filming in China while his wife was occupied with her fashion business. However, the rumours were finally found to be true and the news did not come as a shock to fans and the public alike as the couple was seldom together since their angry exchange of words over an Instagram rant in 2014.

Arissa has the Jack of Hearts birth card, also known as The Card of Sacrifice through Love. Jack of Hearts people carry the spirit of higher love and everyone they associate with are in some way uplifted by their presence.

Vanness has the Six of Diamonds birth card, also known as the Card of Financial Responsibility. It may be in their destiny to keep working or they may fall into the slumps as a result of their inertia. Spiritually, Six of Diamonds people are required to settle karmic debts from past lives and their finances may go from one extreme to the other in this process.

In astrology point of view, could they also be lovers in their past life that never had the opportunity to be fully expressed and to fulfil some desires that were left incomplete in a former life? and it is now fulfilled?

Disclaimer:
Article written above is for educational purposes only. It may not be a 100% representation of the person mentioned as other factors and free will need to be taken into consideration. To find out more about you and your partner, visit: https://onlinestoresg.com/product/relationship-reports/

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The system gives a very detailed look at any two people’s connections, describing about seven most important connections between lovers, married couple, business partners, friends and working colleagues & how the two of you interact. The report is not meant to tell you if you will be successful as a partner, but you may discover how easy or challenging it is.

Try it. visit: https://onlinestoresg.com/product/relationship-reports/

Resource: https://www.tnp.sg/entertainment/tv/vanness-wu-arissa-cheo-divorce-after-five-years

http://www.asiaone.com/entertainment/its-official-vanness-wu-and-arissa-cheo-have-split