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

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

 

Designer Kate Spade Dies At 55

A police source told the New York Post that the apparent suicide of Katherine Noel Brosnahan, known professionally as the visionary founder of Kate Spade, was over family problems in her relationship. According to US celebrity website TMZ, “Bea – I have always loved you. This is not your fault. Ask Daddy!” was what Kate Spade’s suicide note which was left to her daughter. Kate was found unresponsive by her housekeeper in her bedroom in Manhattan.

It is coincidental that both Kate Spade and her husband of 24 years, Andy Spade, are born on the same birthdate and based on the birth cards, it is the Seven of Hearts, The Spiritual Love Card.  Seven of Hearts people have a quest for the truth about love and relationships. They must learn to give and let go or suffer great pain and disappointment.

In a relationship point of view, both couples have a powerful attraction to each other, like it is fated to be together. The relationship runs very smoothly without major challenges or problems. The two of them are very compatible and could get along in any situation they choose.

 Kate had been suffering with manic depression in the recent years but she was concerned that seeking treatment might tarnish the reputation of the Kate Spade Brand even though Kate has not been affiliated with the brand for more than a decade as it was sold in 2007.

Her sister Reta mentioned that Kate might have been planning to end her life for some time.

The daily card on the 5th of June was the Ace of Spades, The Search for Love Card. As the story is still developing at point of writing, without speculating too much, the Ace of Spades daily card may indicate a new love affair. According to TMZ, her husband Andy Spade reportedly moved out of the apartment and wanted a divorce. However, it was believed that he was in another room at the time of Kate’s death.

Celebrities, friends and family are paying tribute to Kate Spade. As quoted by Ivanka Trump, “Kate Spade’s tragic passing is a passing is a painful reminder that we never truly know another’s pain or the burden they carry”

The brand Kate Spade was launched together as a couple back in 1993 and even though it is one of the biggest names in female accessories today, money cannot buy happiness and depression do not discriminate. Be kind and love one another. Everyone’s fighting a battle that you cannot see.

Rest in peace Katherine.

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/

Just by using both you and your partner’s date of birth, it will give an In-Depth Relationship Analysis, revealing as much information about you and your partner as possible, using an ancient and highly accurate system called The Cards of Your Destiny and Love Cards by Robert Lee Camp.

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.

find out more by clicking on the link: https://onlinestoresg.com/product/relationship-reports/

Sources:
https://www.thesun.co.uk/news/6457817/kate-spade-found-dead-new-york-flat-apparent-suicide-note/

https://www.cosmopolitan.com/entertainment/celebs/a21084319/kate-spade-designer-dead-suicide/

Celebrity Couple Destiny Cards Relationship Profile – Shane and Kimberly

It was in 2014 during the President’s Star Charity rehearsal when Shane Pow, Singaporean actor, better known as one of the eight dukes of MediaCorp, first met Kimberly Wang, who is currently a Radio Presenter and Producer at 987FM, and occasionally acts and hosts on the small screens.

The real-life couple, nicknamed ‘powerly’ acted as lovers on screen and to them, being able to rehearse, and practice their lines to each other has more pros than cons. Some people say that working together may be a recipe for disaster for some couples, fortunately, they were able to work well together despite having some differences in opinions by discussing with each other and exchanging tips on how to improve. 

Shane is a Five of Diamonds person (The Salesperson Card) and people whose birth cards are Five of Diamonds are usually restless, changeable and often averse to making a long-term relationship commitment as they want to explore and be adventurous.

Kimberly is an Ace of Diamonds Person (The desire for Money and Love Card). It may be difficult for Ace of Diamond people to have both money and love at the same time. It might be their nature to focus on themselves/work and not able to attend to their partner.

In a relationship point of view, they are strongly attracted to each other and this relationship has some intensity and can be challenging at times. Both are compatible and enjoy being together. They often seem to have been magically drawn together by forces beyond their control and sometimes, they sense this past-life/physic link sort of feeling about each other.

“No one goes into a relationship to get out of a relationship.” Which he said during the one of the interviews with 8days Magazine back in 2017.” Just google their names and everyone can see how #couplegoals they are and most of their fans can feel their love for one another from their vlogs. Should either of them one day feel that he/she is not being recognised as a real person, communication will help in such a situation to ensure that they are back on track.

Whatever challenges Shane and Kimberly may face presently or in future, be it commitment, or work issues, and let’s hope to hear their wedding bells soon. May the couple stay happy while working towards a common goal and travel together more often so that their fantasy of love and fulfilment never dies.

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/

Just by using both you and your partner’s date of birth, it will give an In-Depth Relationship Analysis, revealing as much information about you and your partner as possible, using an ancient and highly accurate system called The Cards of Your Destiny and Love Cards by Robert Lee Camp.

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/

Sources:
https://www.8days.sg/sceneandheard/celebrities/shane-pow-and-kimberly-wang-are-couplegoals-but-why-won-t-they-9300148

https://www.8days.sg/sceneandheard/celebrities/why-shane-pow-and-girlfriend-kimberly-wang-think-it-s-convenient-9917302