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10 Things To Know About the Perfect 10 Shopping Festival: Coresight Research Launches the Global 10.10 Shopping Festival

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Coresight Research

Key Points

Coresight Research is kicking off the shopping holiday season with the global 10.10 Shopping Festival in collaboration with shopping rewards app Shopkick, online fashion marketplace Fashwire and an exciting array of charities, supporting partners, retailers and brands. In this free report, we outline 10 things you need to know about the event.

  • The inaugural 10.10 Shopping Festival will take place on October 9–12, 2020, when participating retailers will offer deals and rewards to consumers.
  • The 10.10 Shopping Festival represents a significant opportunity for a new shopping event in the US that will engage consumers, drive brand awareness and spark a revitalization of retail.
  • The festival was invented as an occasion for consumers to shop, have fun and give back.
  • Retailers will benefit from the 10.10 Shopping Festival through increased store traffic and revenue and by pulling forward the holiday shopping season.
  • New US survey data suggests meaningful shopper interest in, and intention to buy during, the inaugural 10.10 Shopping Festival.
  • Charitable giving differentiates the 10.10 Shopping Festival from other events. Covid-19 has been a financial strain on charities as donations are down significantly and, simultaneously, more people are in need. The festival aims to make charitable giving an easy and fun part of shopping.
What’s the Story?

Coresight Research conceived the idea of the 10.10 Shopping Festival in June as a way to bring fun and excitement back to the industry. At the time, many nonessential stores were still closed and unemployment was high, so it was clear that a spark was needed.

Four months later, with two partners, almost 100 participating retailers, brands and designers, over 10 major participating charities and 10 supporting partners, the idea has become a reality. We are proudly launching the inaugural, four-day 10.10 Shopping Festival, running October 9–12!

Why It Matters

Shopping festivals have become a driver of shopping in China, India and other countries but they are new to the US. Coresight Research launched the 10.10 Shopping Festival to bring the excitement of shopping festivals to the US and to help retailers and shoppers address the disruption caused by Covid-19. Although planning only started in earnest in August, the festival has brought together a large group of retailers, brands, technology innovators and retail innovators. 

The 10.10 Shopping Festival will support the entire retail ecosystem. Consumers will benefit from a fun retail experience combining gamified shopping and charitable giving. Retailers will benefit from increased traffic and pulling holiday shopping forward. Supporting partners will be able to assist retail partners while also donating to their preferred charities. Finally, charities will benefit from increased donations.

Here, we highlight the 10 most important things about the 10.10 Shopping Festival.

1.  The Inaugural Shopping Festival Runs October 9–12

The new 10.10 Shopping Festival is a four-day event, running October 9–12, 2020, that was created to provide consumers with a fun shopping experience both online and in-store and the opportunity to give back this holiday season. Coresight Research spearheaded the festival in collaboration with shopping rewards app Shopkick and two-sided online fashion marketplace Fashwire. The festival will let all consumers shop for gifts for others and themselves (in other words, no invitation code required), have the opportunity to contribute to charities directly or indirectly when they shop from retailers and brands that are giving back and have FUN! In addition, supporting partners have come on board to support their retail partners and charities.

2.  Charitable Giveback Is a Central Theme

Charitable giving is a key theme in the 10.10 Shopping Festival. Charities are reporting that the Covid-19 pandemic has been a financial strain as donations are down. The festival aims to make charitable giving an easy and fun part of shopping.

Here is a list of the 10.10 Shopping Festival’s Charity Partners:

10.10 Participating Retailers and Brands

 

3.  Almost 100 Retailers, Brands and Designers Are Participating

The 10.10 Shopping Festival features almost 100 participating retailers, brands and designers—spanning product categories that include apparel (including adaptive apparel), accessories, baby products, beauty, electronics, footwear, home goods and products featuring sustainable design elements. Shopkick and Fashwire are the festival’s technology partners and their apps and platforms will enable consumers to discover and shop online and in-store. Consumers can also shop retailers and brands directly. 10.10 is inclusive and spans the globe.

The following is a list of the 10.10 Shopping Festival’s participating retailers, brands and designers:

 

4.  An Early Start to the Holiday

We expect October to be a significant opportunity for retailers to get a head start on the holiday season. The 10.10 Shopping Festival provides a new platform for retailers to reach consumers, gain insights into their demands and desires, and ramp up holiday campaigns before November. Last year, consumers spent $16.8 billion on Black Friday and Cyber Monday alone (this is versus $38.4 billion on Alibaba’s Double 11 Shopping Festival in 2019).  This year, supply-chain pressures caused by Covid-19 will make it more challenging and more expensive for retailers to deliver holiday purchases. By pulling forward holiday spending, retailers can better manage promotional spending, inventory and delivery while providing a better experience for consumers.  

Consumers are also planning to start their holiday shopping earlier and our surveys suggest that they are wary of product shortages and shipping delays. In our recent consumer tracker, three in 10 US consumers said that they expect to start shopping earlier for the holidays, compared to last year. Many shoppers appear to be well aware of the pressures on shipping capacity, with almost half (47.8%) of early shoppers concerned about online orders being delivered in time.

Additionally, many consumers are concerned about a safe shopping experience and are avoiding crowded shopping areas. By participating in the 10.10 Shopping Festival, retailers can naturally spread out traffic; the festival can create a retail holiday without the usual “holiday stress.” This is especially relevant amid the Covid-19 pandemic.

5.  Inspired by Alibaba’s Singles’ Day (11.11) Success

Shopping festivals present immense opportunities for retailers and brands to not just grow
their sales but also to increase their brand visibility in existing markets, as well as enter new markets. In the second half of this year, they are also a means to help retailers recover lost sales from the Covid-19 crisis. The 10.10 Shopping Festival was inspired by the success of Alibaba’s Singles’ Day, the largest global shopping festival, which generated $38.4 billion in sales in 2019.

Deborah Weinswig, Coresight Research’s CEO and Founder, has been an influencer for 11.11 and was inspired by its collaborative platform, ranging from small independent brands to large multinational companies. In 2019, Alibaba launched 1 million new products on its Taobao and Tmall marketplaces during the festival period, which began on October 21. The 11.11 festival provides both a platform and an occasion to celebrate new brands. In China, consumers look forward to 11.11 promotions and celebrations all year long. Weinswig said that shoppers often put items in their shopping carts, counting down the days until the festival begins. She said that she wanted to put that kind of energy, fun and excitement back into shopping in the US.  

6.  10.10 Makes Shopping Fun

The festival will offer a fun and gamified shopping experience. Using Shopkick, for example, shoppers can earn reward points, called “kicks,” when they walk into a store, scan select products, view offers or make purchases, whether in-store or online.  “Kicks” can be redeemed for gift cards or donated to participating charitable organizations. 

In addition, Fashwire’s web- and app-based global fashion discovery platform and shopping marketplace brings forward its portfolio of over 300 emerging and established designers across more than 33 countries. Fashwire’s gamified experience engages the shopping consumer with its swipe technology. For the 10.10 Shopping Festival, the consumer can download the app and instantly participate in a compelling interactive experience by combining immersive swipe voting with the ability to influence the designers in real-time. As they swipe and vote on designers’ collections, they are influencing tomorrow’s fashion trends, getting rewarded for their time spent on the app and offering real-time insights to designers and, by extension, retailers.

7.  Festivals Drive Traffic and Sales; Over 40% of US Consumers Expect To Browse or Purchase During the 10.10 Shopping Festival

“Festivalizing” retail presents substantial opportunities for brands and retailers to increase brand awareness and drive sales, particularly in periods of uncertainty. Shopping festivals are expected to become bigger and longer in order to attract more consumers to participate. Most recently, China’s 9.9 festival, the country’s third-largest festival, extended the official sale period by one day this year, from September 9–10, 2019 to September 9–11, 2020. Sales during the entire festival grew 55% year over year.

In the US, retailers are catching on to the power of festivals. Amazon has expanded the length of its Prime Day since the launch of the event. Last year, the shopping extravaganza lasted 48 hours—the longest ever Prime Day festival—which helped to lift transaction volumes. Prime Day in 2019 saw over 175 million items sold and sales by small- and medium-sized businesses grew to over $2 billion.

Reflecting the potential, more than four in 10 US shoppers expect to participate in the 10.10 Shopping Festival. As seen in Figure 1, in a recent Coresight Research Survey, 10% of US consumers responded that they expect to purchase from participating retailers’ promotions during the 10.10 Shopping Festival and over 30% of US consumers responded that they expect to browse festival promotions. A further 23% don’t yet know if they will participate, suggesting the potential to draw more consumers into the event.

Consumers are also expecting to make purchases and browse during upcoming shopping holidays and festivals at Amazon, Target and Walmart. Amazingly, 10.10 is capturing nearly as much intention to participate as events from retail powerhouses Target and Walmart.

Figure 1. US Consumers: Whether They Expect To Make Purchases or Browse Retailers’ Promotions During Fall Holiday Shopping Promotions (Whether Online or In-Store; % of Respondents)
Base: 416 Internet users aged 18+, surveyed on October 6, 2020
Source: Coresight Research

 

8.  Supporting Partners Are Industry Leaders

The supporting partners for the 10.10 Shopping Festival span the retail ecosystem, from retail technology innovators to shopping centers. The supporting partners have made donations to charities in support of the retail industry and the festival. They include:

10.10 Supporting Partners and Industry Leaders

 

9.  Marking Breast Cancer Awareness Month

October is Breast Cancer Awareness Month and the 10.10 Shopping Festival is marking this with three charitable partners that support breast cancer in a number of ways, from education and research to helping with uninsured costs that women incur when dealing with breast cancer. Pink Aid is celebrating its 10th anniversary on 10.10 (October 10) with a semi-virtual gala event featuring a fashion show and celebrity guest appearances by television talk show host Hoda Kotb, Broad City Comedian Susie Essman, TV personality Giuliana Rancic and country band Old Dominion.

Tanger Outlets is celebrating More Pink at its outlet locations, supporting the Breast Cancer Research Foundation. Tanger Outlets has been supporting breast cancer research for the past 27 years. Every October, it offers unlimited use on its digital Pink Savings cards to Tanger shoppers, which give recipients 25% off and can be used all month long at all participating stores. In 2019, Tanger Outlets raised $935,000 for breast cancer research.

The Get in Touch Foundation is committed to women’s breast health education by providing self-exam tools and a variety of programs. The Get in Touch Foundation is a non-profit organization that is focused on providing free and accessible information, empowering all to make breast health simple, appropriate and routine.

Tanger Outlets marks Breast Cancer Awareness Month
Source: TangerOutlet.com

 

10.  What You Can Do

Key Opinion Leaders (KOLs) have been pivotal to the success of China’s shopping festivals, individual product sales and launching new products. Viya, a top KOL, generated $40 million in sales last year on 11.11 in China. Influencers are a driving force behind China’s festivals, frequently using livestreaming to interact with consumers. During this year’s 6.18 festival in China, JD.com hosted over 300,000 key livestreaming sessions. Consumers report that they feel like they know the KOLs, which helps to drive product sales. Retail sales via China’s livestreaming platforms will reach approximately ¥916 billion (US$130 billion) this year, accounting for 8.7% of online retail sales, according to iMedia Research. Livestreaming is just beginning to take hold in the US and is a powerful way for brands to engage with consumers.

While most individuals may not think so, everyone is an influencer. According to PR Daily, 83% of individuals reported that a friend’s recommendation influenced their brand purchase. Many consumers rely on friends, family or social media recommendations before purchasing. Influencers are consumers’ circles of friends and family and professional networks. Shoppers rely on each other for brand recommendations, product suggestions and advice.

This is a powerful force, and we are asking you to help us to be an influencer; help to support the brands, retailers and charities this 10.10 Shopping Festival through social media, shopping or just telling a friend.

 

What We Think

The 10.10 Shopping Festival officially kicks off the 2020 holiday season. It is the first major shopping festival, running October 9–12.  The festival includes almost 100 retailers, brands and designers spanning major retail categories including apparel (including adaptive apparel), accessories, baby products, beauty, electronics, footwear, home goods and products featuring sustainable design elements. The 10.10 Shopping Festival is open for all consumers to shop, both online and in-store.

Coresight Research launched the festival in partnership with shopping rewards app Shopkick and online fashion marketplace Fashwire.

  • The festival was created as a way to engage consumers, drive brand awareness and revitalize retail. In a recent Coresight Research Survey, 10% of consumers responded that they expect to make a purchase during the 10.10 Shopping Festival and over 30% of consumers responded that they expect to browse festival promotions.
  • Charity is a differentiator of the 10.10 Shopping Festival: Consumers will have the opportunity to contribute to charities directly or indirectly when they shop from retailers and brands that are giving back. In addition, supporting partners have come on board to support to their preferred charities.
  • Consumers will benefit from the festival by enjoying brand and retailer promotions, donating to charities and having fun while they shop through gamified shopping experiences.
  • Retailers will benefit from the 10.10 Shopping Festival through increased brand awareness, increased sales and by alleviating supply chain bottlenecks by pulling holiday shopping forward.
  • Charities will benefit from the 10.10 Shopping Festival as they will be able to increase donations at a time when consumers need them most.

We look forward to shopping with you during the 10.10 Shopping Festival!

 

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