The Singles’ Day in China started off as an antagonism for the Valentine’s Day. But over the years, it has turned into China’s very own Cyber Monday. Each year in China, Nov 11 is the day of shopping blitz. This year, Chinese e-retail giant, Alibaba Group, generated sales of $5.7 billion on Singles’ Day alone.
Last year, Alibaba Group was able to muster sales to the tune of $3.1 billion on the Singles’ Day. This year, Alibaba’s two major shopping hubs, Tmall and Taobao Marketplace were hoping to bag sales reaching $4.9 billion. The actual sales blew away these estimates by topping $5 billion.
With such huge figures, Singles’ Day is undoubtedly the largest one-day e-shopping event in terms of sales. The other major e-shopping occasion, Cyber Monday in U.S., was able to generate sales of $1.5 billion. That is certainly a huge number for a single-day shopping bill but compared to Singles’ Day, it pales.
This year, major Chinese e-retailers prepared themselves for the Singles’ Day by drawing up real-life stalls. They invited customers to first try out their products and if they liked them, they could place orders online. This move was immensely successful and enticed the Chinese customers away from traditional resellers and towards e-retail giants.
Courtesy: Business Insider