One of the world’s largest 24 hr online shopping event – Singles’ Day [i] happened a couple of days ago.
eCommerce giant Alibaba broke its own sales record once again. The company reported that this year’s sales reached 120.7 billion yuan (17.79 billion USD), a rise of 32% in comparison to last year’s sales.
Highlights from this year’s event:
Consumers watched the show on their TVs, mobile phones and computers, as well as interacted with the event online. For example, shoppers were asked to select their favorite stars on mobile phones in order to receive coupons or win a piece of clothing that a celebrity wore. They made a total of 7.4 billion interactions during the show.
Alibaba also invited many “influencers” to post products recommendations on Chinese social network Weibo. According to Weibo, there were 1.21 billion views of posts with the Tmall Singles’ Day tag.
“This year’s 11.11. is a preview of the future of retail, where entertainment, commerce and interactive engagement intersect seamlessly,” said Daniel Zhang, chief executive officer of Alibaba Group. “From the kick-off of warm-up activities to last night’s countdown gala and all the way through the 24-hour global shopping festival itself, we’ve seen unprecedented engagement between consumers and merchants. 11.11. showcased how online and offline retail will be reinvented to offer brand new shopping experiences to our hundreds of millions of mobile, digitally-savvy active users.”
He also added: “Consumer behavior is changing, shopping has become entertainment. Successful retail in this age requires such a combination of commerce and entertainment.”
To learn all the details about this event please click here.
* The renminbi, RMB is the official currency of the People’s Republic of China.
[i] Singles’ Day was invented by college students in the 1990s as a counter-event to Valentine’s Day. Originally claimed as a celebration for China’s young singletons, Alibaba turned it into a shopping event in 2009. It is held every year on 11 November. The day is also referred to as Double Eleven because of its date.