Impact of the Chinese New Year on eCommerce
Today, Chinese New Year marks the beginning of a new calendar for many people around the world. As celebrations take place before and after the new year day, in the celebration of the Year of the Dog, there is a golden opportunity for brands to engage with a 1.4 billion community both online and offline.
We have gathered three eCommerce trends for this holiday season to help you reach out to your customers in an engaging way so that you can create more personal and converting experiences.
Travel Peaks for the Chinese New Year
During the holiday period dedicated to family, tradition, and culture, 3 billion trips are expected to happen. Besides family gatherings, people have also started to go on vacations to farther destinations in recent years. To stand out in the competition, online travel agencies need to bring more potential customers to their websites based on travel intent through online activities. Then, they could retarget them with personalized travel packages through Facebook Ads, Adwords, and other ad channels.
Leveraging AI-backed predictive segmentation technologies, online travel agencies can automatically target visitors who have a higher propensity to make a purchase in ad channels to increase ad spend efficiency and improve their LTV:CAC ratios.
Mobile Commerce Dominates
With no signs of slowing down in mobile adoption, South East Asia’s mobile penetration will create a market size of 160.88 billion USD in 2018, a KPMG report reveals. According to eMarketer, by the end of 2018, mobile e-commerce sales are forecasted to reach 75% of total e-commerce sales in China. Therefore, brands need to develop robust mobile-first strategies to remain relevant in the booming market.
Even though marketers are aware of the need to deliver optimized experiences on the mobile web, most face technological roadblocks, time constraints, lack of resources or knowledge about what turns mobile traffic into conversions. They simply settle for mobile-responsive design.
Inspired by the unique needs and challenges of marketers, we introduced the Insider Mobile Web Suite for marketers, including the world’s first exit intent technology for the mobile web and other unique features such as category optimizer, smart recommender, purchase triggers and more.
If your brand is gearing up for the Chinese New Year, personalization strategies on mobile can offer opportunities for increased consumer connectivity and increased outcome value if it is fully integrated with consumer experiences.
Blurring the line Between Online and Offline Commerce Disappears
According to a BCG Report, Chinese consumers typically spend more time online than people in most other markets. According to China’s National Bureau of Statistics, Chinese consumers spent $750 billion online in 2016—more than the US and the UK combined. As part of this growth, many businesses try to develop solutions to bridge the gap between online and offline to deliver seamless experiences across all channels.
ComScore’s Hierarchy of Needs report proves that today’s world is no longer desktop-only or mobile-only. It’s multi-platform and users are demanding seamless journeys across all touchpoints. To bridge the gap between online and offline, marketers can leverage technologies like geofence to deliver more personal and meaningful journeys, targeting users with highly relevant offers, discounts and messages.
To leverage the full potential of the Chinese New Year and other remarkable holidays, brands need to rethink how they can enhance experiences leveraging marketing technologies to deliver hyper engaging shopping moments. As customer expectations online and offline evolve, brands will need to adapt their digital strategies to stay on top of their game as well.