It’s time to ensure your eCommerce business is ready for the Chinese New Year in 2023!
Whether you wholesale from Nihaojewelry or you source your products primarily from China, you need to be aware and prepared for the impact of the Chinese New Year on your eCommerce and retail business.
What is the Chinese New Year?
Chinese New Year, also known as Lunar New Year or Spring Festival, is the most important holiday in China. Other countries influenced by Chinese cultures such as Vietnam, Korea, Singapore, Malaysia, Thailand, Japan, the Philippines and Indonesia also celebrate this day, which may be called by different names.
When is Chinese New Year 2023?
The date of the Chinese New Year is determined by the lunar calendar and changes from year to year. The 2023 Chinese New Year will be celebrated on Sunday, January 22, 2023.
How will Chinese New Year affect your business and why do you need to stock up in advance?
China is the world’s factory and has a well-established business ecosystem. A large percentage of goods are made in China and sold globally. And during Chinese New Year, business in China comes to a halt, not to mention foreign exports.
The supply chain is affected
The Chinese New Year is a traditional Chinese holiday and the whole country is celebrated with a holiday during the Chinese New Year. The legal Chinese New Year holiday in 2023 is seven days, from January 21 to January 27. And hundreds of millions of Chinese travel across the country to see their families during that time.
Due to the vast size of China, domestic factories, businesses, logistics, and warehouses will even be closed early for the holiday. And after the holiday, it usually takes some time to fully return to normal. As far as we know, most factories will be closed from January 12 to January 30, 2023. And most products will not be produced and sold during this period.
Shipping will be delayed
Delays in shipping during the Chinese New Year are inevitable. It takes time to place an order, prepare and ship the product, so we recommend that you stock up early. It is best to have your items ready in December!
Although you have the entire month of December to order and stock your products, we recommend the earlier the better – if you place your order during or close to the Chinese New Year, you may experience partial or even total delays in the delivery of your products!
Tips for doing business during the Chinese New Year
1. Plan ahead
Chinese New Year may affect your business in January and February, so creating sales and marketing plans for these two months in advance is necessary. You will even need to think ahead about what to do if you run low on inventory by then.
2. Stock up in December. The sooner the better!
Starting in January, especially after the factory shutdown on January 12, our products may show unavailability one after another. In order not to affect your business and avoid delayed shipping, you’d better stock up 1-2 months’ worth of items in advance. Given that Valentine’s Day is in early February, if your boutique sells related products, please buy them in bulk as early as possible as well.
3. Talk to your suppliers
Make sure you share your demand forecast with your suppliers early on so they know exactly what items you will need for the Chinese New Year period. Tell them your concerns and work together to find solutions.
4. Find temporary supplier alternatives
If there is an urgent need, you may need to find a non-Chinese wholesale supplier (preferably a local supplier) to supply you with products in advance.
Prepare January and February inventory with Nihaojewelry
According to Nihao Jewelry’s stocking calendar, orders placed before January 14, 2023 would be able to be shipped before the Spring Festival.
Nihaojewelry New Year Holiday Schedule:
- Nihao will be closed from January 19 to January 29, 2023, during which time you can still place your orders.
- Orders placed after January 14 will be shipped sequentially after January 30, 2023.
Nihaojewelry has also prepared promotions during the preparation period (December 7, 2022 to January 14, 2023).
Log in to your Nihaojewelry account and go to the Purchase Plan page to spin the wheel for a coupon. The usage period ends January 23, 2023.
For more details please contact your account manager.
Plan ahead for this holiday season to help your company stand out and reduce major issues in your supply chain and logistics, while maximizing the opportunities the holiday season brings to your business.
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