A 2018 survey from AYTM Market Research found that 19% of Prime Day participants signed up for the service just to take advantage of the holiday deals, exemplifying Amazon’s goal of boosting membership.
But well before Prime Day existed, ecommerce giant Alibaba morphed Singles’ Day into the biggest online shopping holiday in the world. According to the etailer, shoppers spent nearly $31 billion on Alibaba sites, Taobao and Tmall last year. And in a 2018 survey by JDA, 98% of digital buyers in China planned to shop on Singles’ Day.
Shopping holidays like Way Day, Prime Day and Singles’ Day work because retailers strategically position their sales events, offer consumers unbeatable deals and work to grow awareness through new innovations and advertising approaches. As shoppers flood online for these events, rival retailers are offering competing deals to siphon some of the incremental demand. Others will explore the idea of hosting their own online shopping holidays—but can they pull it off?
"Retailers looking to create their own holidays must go in recognizing the difficultly in executing it from a marketing, supply-chain and logistics perspective," eMarketer principal analyst Andrew Lipsman said. "To make the effort worthwhile, the value needs to extend well beyond the day itself. Ideally, it aligns with the beginning of a high-volume season where they can take advantage of their efforts to engage and acquire new customers."