Singling out Singles Day

It’s being reported as bigger than Black Friday, Cyber Monday and Facebook’s total revenue last year, and it’s something retail jewelers should take note of: Singles Day.

On Wednesday, Alibaba.com, China’s largest e-commerce company, held its annual 24-hour online sale that marks Singles Day, a Chinese celebration for single (unmarried) people, celebrated on Nov. 11 (11/11) for the date’s connection between singles and the number one.

When midnight struck on Nov. 11, Chinese shoppers had bought $14.3 billion worth of merchandise through Alibaba alone. Not only is that number a 60 percent increase over last year’s total of $9.3 billion, it doesn’t even take into account competing websites.

From my chair, what Singles Day appears to do is give unattached consumers the green light to do something nice for themselves in light of their solidarity. I don’t know about you, but when it’s suggested I do something nice for myself, it always results in a purchase. Apparently, that suggestion does the same for many, hence Alibaba’s considerable payday yesterday.

So, if telling single consumers that they not only have a day out of the year dedicated to their marital status, but that they also can reward themselves with shopping deals online, why aren’t retailers in the U.S. doing it?

What a Singles Day equates to, for jewelry retailers, is a self-purchasing day.

On Thursday, daily e-newsletter The Skimm called Singles Day “Black Friday meets the anti-Valentine’s Day.”  What this translates to, to me, is a self-empowerment day. Women who don’t need a partner to buy them jewelry. Men who won’t wait for someone else to buy them that new timepiece they’ve been eyeing. It’s Singles Day, baby--I can do this all for myself, they’ll say.

Tom Caporaso, CEO of Clarus Commerce, an e-commerce solutions provider, told CNN Money this week that while some firms are attempting to capitalize on Singles Day, most companies--including Costco and Blue Nile--are pushing it in China, rather than the U.S. What’s more, Alibaba, a huge Singles Day player, is not really a competitor to retailers here; Alibaba sold its first U.S.-based e-commerce venture, 11 Main, over the summer after it failed to gain any traction.

This leaves a huge opportunity for independent retailers.

Bottom line: Singles Day drove people in China--very many of them--to buy. Let’s give consumers in the U.S. the same reason to get online and spend.