This post originally appeared on the Join in China website.
Singles’ Day is coming, and no it’s not an anniversary invented by a PR flack to drum up interest in a dating app. It has everything to do with spending. Spending on a staggering scale. Occurring every year on 11 November, the event is a shopping bonanza bigger than Black Friday and Cyber Monday put together.
Known as “Double 11” in China, Singles’ Day was started in China in 2009 by online retail giant Alibaba, and was based on nationwide celebrations of singledom, hence 11.11 (ones/singles coming together) – and what better remedy than to spend cheaply and wildly on oneself?
In the few years since, the one-day shopping extravaganza has grown considerably. Last year, consumers on Alibaba spent a staggering 168.3 billion yuan (£18.5 billion) while rival JD.com reported sales of 127.1 billion yuan (£14 billion). Altogether that’s a whopping £32.5 billion – equivalent to two Crossrails, or a third of Jeff Bezos.
Singles’ Day is not just a China event. Big British brands participating in recent years have included Dyson, Waitrose, Marks & Spencer, and an awkward-looking David Beckham. Last year, for example, Waitrose saw strong Chinese consumer interest in its mueslis and squeezable honey – which isn’t bad if you consider the struggles faced by Weetabix.
You too can get involved (but keep in mind, amidst the excitement, that Singles’ Day coincides with Armistice Day – a date with more sober connotations).
Fortunately, you don’t need to open an Asia presence. Here are three DIY cross-border options:
- Open a Tmall Global storefront. Tmall is a Chinese-language website for B2C online retail operated by Alibaba that features more than 70,000 international and Chinese brands. You will need to open an Alipay account to receive payment, as well as complete paperwork (this can be a fiddle, so speak to us if you need help).
- Set yourselves up through the Royal Mail Tmall Store, which has some 400 million registered users. Royal Mail will buy your products at an agreed price which covers logistics, duties, commission fees, translations and product listings. The one-off registration fee is £2,500.
- Launch a store on JD Worldwide, JD.com’s platform that is open to brands outside of China. While again there is paperwork involved (speak to us about how to navigate this), setting up a presence will undoubtedly become smoother for UK retailers in the years ahead. In 2018, JD.com pledged its support to British businesses, announcing it will commit to selling £2 billion of goods.
If you’re looking for a tailored solution for your business do talk to us it’s too late for this year but we can make a date for next Singles Day.
Jeremy Hunt did well to think of flowers and chocolate for his wife (‘Mrs H’) this week.
As many of us know, the new Foreign Secretary made an unfortunate slip of the tongue when meeting with his Chinese counterpart in Beijing. We’ve all been there…though perhaps not before powerful statespeople.
More relevant, though not quite so fun, was the meatier stuff discussed during the 9th China-UK Strategic Dialogue. The two sides agreed to expand cooperation in new industries and new business ‘forms’ including artificial intelligence, green energy and the digital economy.
There’s been strong interest recently in the Fourth Industrial Revolution – an umbrella term that means all sorts of things that will likely change our lives, as had the smartphone and internet era previously. Both the UK and China, among other nations, are leading the way in this new wave of innovations and have complementary abilities.
So the message is increasingly clear: if you specialise in high-end stuff like AI, robotics and renewables, now’s your time – as demonstrated by February’s mega-deals between British and Chinese companies.
One of this year’s deals was with the world’s second biggest smartphone manufacturer, Huawei – a whopping £3 billion agreement. This week the Shenzhen-based manufacturer saw the arrival of 50 participants from the UK in its Seeds for the Future training programme.
The global programme, now in its third year, includes the involvement of STEM students from the UK’s leading universities, who will be in China for one month to gain work experience.
We might not want to study abroad in great numbers (a pity, as there are wonderful experiences to be had), but all that appears to change once we enter the workforce. Brits are reportedly more willing to work overseas than ever.
Maybe it’s Brexit, or the fancy Instagram pictures posted by travel influencers (faked or otherwise). Perhaps it’s the price of a London pint. Or it’s all three. Whatever the reasons, there has been a significant increase over the past four years in British workers’ willingness to work overseas, according to a new report by Boston Consulting Group and totaljobs.com.
The study called Decoding Global Talent looked at the job preferences and mobility of 366,000 workers across 197 countries worldwide, including their willingness to relocate for work. The percentage of respondents wanting to move abroad in Britain showed the biggest increase of any country worldwide, jumping from 44% in 2014 to 62% in 2018.
This is especially true of Millennials under 30 or Brits with advanced degrees: 73% would leave for a job elsewhere. As for where they would like to move to, it’s the usual suspects: Australia is first, while the US, Canada and Germany are also popular destinations.
In an interesting twist, the same survey shows that the most appealing city worldwide for global workers is none other than London, ahead of New York, Berlin, Barcelona and Amsterdam. The report cites the British capital’s
rich history, abundant old-world charm, an international and diverse population, and, not incidentally, an electorate that voted by a three-to-two margin to stay in the EU.
Right – Brexit (again).