A Market Study on The Biggest Online Sale Event in 2019
According to the Malaysian Department of Statistics, the average Malaysian household spends about RM130 per-day (RM4,033 per-month, as of 2016). However, consumers on Singles’ Day spent an average RM277 on each online order, 113% more than the average household spending in a single day.
iPrice Group, a Malaysian-based information aggregator platform analysed data for more than a week from more than 150 online merchants & more than 43 million products in the country to reveal the following 11.11 Sale insights. The rationale of this study is to analyse consumer behaviour and the growing interest in the online sale event which was first made popular by Alibaba in China.
Here are 5 most fascinating insights from our Singles’ Day analysis
1. Malaysians Spent an Average RM277 on 11 November 2019
Various e-commerce companies, both large & small undertook massive marketing initiatives to promote the event on 11 November 2019. Our aggregated data reveals a 13% increase in consumer spending when compared to previous years, from RM245 (averaged 2018 & 2017) to RM277 on 11 November.
2. Consumers Spent Most Money on Electronics & Automotive Items
Data records that consumers spent an average RM422 on Electronics & RM228 on Automotive products on 11.11. This is remarkable as Automotive products were not always considered as a popular category when it comes to online shopping. Looking into Automotive sub-categories, shoppers spent most on Car Care and Care Accessory items. In Electronics, Malaysians spent most on items such as Lighting and electronics for Home or Office usage.
3. Kids & Toys and Home & Living Categories Recorded Highest Growth
Both categories saw 94% & 89% increase in consumer average spending respectively. This shows positive consumer confidence in a wider range of product variety in the e-commerce arena. In 2019, consumers spent an average of RM223 on Kids & Toys and Home & Living items. On Singles’ Day in 2018, consumers spent RM115 on Kids & Toys and RM118 on Home & Living items.
4. High Spending on Non-Conventional Subcategories such as Gym Equipment, Watches, and Eyecare products
Interestingly, Malaysian shoppers spent an average RM683 on Gym Equipment, RM392 on Watches and RM416 on Eyecare products on 11 November 2019. The high spending on these items was most likely caused by the high-value price tag (also known as big-ticket items).
5. The Popularity of 11.11 At an All-Time-High & Has Room for More Growth
Data by (collected as of 21 November 2019) revealed there was a 36% growth in search interest in the term “11.11” in 2019 as compared to 2018. Observing the growth trends in the past 5 years in Malaysia, there is still much room for growth.
This is also clear as seen through the 13% growth in average basket size on Singles’ Day between 2019 & previous years. Added with the diversification of consumer spending on a wide variety of products other than Fashion & Electronics, this shows big potential for growth for e-commerce companies selling niche products.
- END -
Data featured in this study were aggregated and averaged from more than 150 online merchants & more than 30 million products through https://iprice.my/. Data on top-selling categories were solely based on data recorded on 11 November 2019 & 2018.
*Data on total average basket size for the “Past Years” was obtained by averaging the total amount consumers spent on 11 November 2018 & 2017.
About iPrice Group
iPrice Group is a meta-search website operating in seven countries across Southeast Asia namely in; Malaysia Singapore, Indonesia, Thailand, Philippines, Vietnam, and Hong Kong. Currently, iPrice compares and catalogues more than 500 million products and receives about 20 million monthly visits across the region. iPrice currently operates three business lines: price comparison for electronics and health & beauty; product discovery for fashion and home & living; and coupons across all verticals.