1、As the November shopping festival nears a revenue milestone,retailers should look beyond discounting.By Kelly Liu,James Yang,Melanie Sanders,and Ralph WuChinas Singles Day 2022:Loyaltys a Better Goal than RMB 1 Trillion SalesCopyright 2022 Bain&Company,Inc.All rights reserved.1Chinas Singles Day 202
2、2:Loyaltys a Better Goal than RMB 1 Trillion SalesAt a Glance In Bains second Retail Holiday Newsletter of 2022,we preview the worlds biggest shopping event,Chinas Singles Day,which had a gross merchandise value of RMB 952 billion last year.Ignore the looming RMB 1 trillion milestone:Our Singles Day
3、 shopper survey shows why many retailers need to prioritize customer loyalty over further discount-led sales gains.Executive teams can start by developing loyalty levers tailored to their business,while fully embracing the omnichannel evolution of shopping in China.It may be called Singles Day,but t
4、he annual Chinese shopping extravaganza on November 11 now has plenty of company as it enters its 14th year.For instance,Douyin,the TikTok sister app thats helped to popularize livestreamed shopping in China,has launched its own online retail festivals in January and August.Kuaishou,another video pl
5、atform,has created yet another event in June.When you add these and other promotions to Singles Day,celebrated by Alibaba since 2009 and now involving a host of online and offline retailers,and the 618 festival,launched by JD.com in 2004 and held each June,its unsurprising that retailers in China ar
6、e finding it harder to grow via their annual discounting set pieces.The crowded retail calendar is one reason why our expectations for Singles Day this year are again muted.Before the 2021 event,we didnt expect the usual stellar increase in gross merchandise value(GMV),the revenue metric that has be