Singles Day 2023 (Draft)

Hello to another edition of 1-2-1!

For all you new readers, the format is 1 insight, 2 interesting links, and 1 question. With everything focused on hosting conversations around community, creators, and commerce.

1 - Insight

China's Single's Day: $156 Billion in Revenue

Singles Day, is China's answer to Black Friday/Cyber Monday. It originally began as a 24 hour event but has evolved to become weeks of promotions across China’s major e-commerce platforms and brick-and-mortar stores.

Why is it called Singles Day and what does it have to do with buying anything?

The date, November 11th (11/11), was chosen because the number "1" resembles an individual who is alone. It originated as a kind of anti-Valentine's Day where single people could celebrate their single status. Originating amongst university students in the 1990s the day evolved into a commercial holiday.

E-commerce giant Alibaba capitalized on the day in 2009, turning it into a shopping festival that offers significant discounts to consumers, making it the world's largest online shopping day in terms of sales. In the years since then, it's expanded dramatically. Now, all major commerce platforms host sales.

Why does any of this matter?

China has been leading the charge on live/social commerce. This year live commerce is expected to generate $562 Billion in revenue within China.

Many of these sales are driven by superstar streamers, such as Douyin livestreamer Zheng Xiang Xiang, who recently went viral with the clip below.

Xiang has over 500 million followers on Douyin and reportedly sold "over 100 million yuan ($13.7 million) in goods in just a week" with her fast paced method.

So, when you see TikTok investing heavily in live-shopping and wonder what the fuss is about. This is insight into what they're hoping for here in the West.

Adoption of a similar form of shopping and a new ecosystem of creators driving sales live and in real time.

PS - Shoutout to my buddy Max Benator who founded Orca . Orca is paving the way for live shopping here in the US (disclosure I'm an advisor). Orca was just named one of 9 Innovative Startups Making Social Shopping Mainstream in the US by Business Insider.

2 - Interesting Links/Shares

The Meaning Drought

Something I recently enjoyed reading was this piece from Joe Federer.

He explores how the overabundance of content, along with the problematic incentives of social media companies, makes it increasingly difficult to find meaningful experiences.

Second Acts: Surf Monopoly to 89 Year Old 'High Tech' Rancher

This is not a social media story.

I've just been working on my next career move and found inspiration from this story of Gordon Clark.

If you're not a surfer then the name Gordon 'Grubby' Clark won't mean much. But, his former company Clark Foam revolutionized the surfboard industry.

Surfer Magazine once dubbed him the 2nd most powerful person in surfing.

Clark's first company produced surfboard blanks, the foam that surfboards are 'shaped' from. Founded in 1961, Clark work tirelessly on the technology behind creating blanks. He transformed a backyard industry through high-tech manufacturing and a lot of chemistry. He managed to make blanks stronger, lighter, and more uniform. They were considered the gold standard and by the 1990's he had a virtual monopoly. I've heard estimates that Clark Foam had 95% of the global market.

On December 5, 2005, Gordon Clark abruptly shut down Clark Foam. The business was worth a reported $40 million.

No warning. Overnight the doors were closed. Changing environmental regulations made the business difficult to run. Clark was frustrated and he wanted out. The ordeal created panic in the surf industry and it took years to recover (but that's a separate story).

At the time Clark was in his 60's, he'd done well for himself. Most people assumed he'd retired (myself included).

It turns out he'd ventured into an entirely new industry. Now, at 89 he's got a thriving ranching business in Oregon.

True to his nature, he didn't just go with the flow. Clark brought in a great deal of tech and innovation to the industry.

He's using drones to manage cattle. He collects tissue for DNA analysis at a lab, which helps him make informed decisions about breeding. Clark is fertilizing his fields based on different soil types and applying varying amounts of fertilizer accordingly to enhance sustainability. He's redeveloped historic springs and set up systems for efficient water transfer.

1 - Question

I posted this to LinkedIn and seemed to touch a nerve. IMHO the creator vs influencer terminology debate is not worth the amount of ink it gets. People generally know what you're talking about regardless of which term you're using.

Is it just me that feels this way? LMK in the ongoing thread here.