China’s Singles Day is now the world’s largest online shopping event.
Starting from midnight (Beijing time) on November 11, China welcomes the e-commerce holiday of the year – the 24-hour Singles Day sale. Last year, Jack Ma’s Alibaba Group scored $5.8 billion on November 11.
From Alibaba to JD.com, China’s online e-commerce giants are trying to hit another record that could surpass $8 billion this year. Tmall.com invented the 24-hour sale five years ago, when young people in mainland China either celebrate or regret “being single.” The holiday got its name from the four “1s” in the date November 11, which look like four sticks. In Chinese, stick, or guanggun, means guys who are single.
To Alibaba, this year it can connect Chinese shoppers with overseas. More than 200 businessmen from over 20 countries will do their best to get a share of the record-breaking by Chinese shoppers. So Chinese shoppers can now buy overseas goods not just through Alibaba’s e-commerce sites, such as Taobao and Tmall; they can also shop at overseas and pay with Alipay,
Here’s how Alibaba’s Singles Day Sale fought against its competitors and other online shopping days:
Alibaba’s GMV (gross merchandise value), which jumped from $8 million to a record-breaking $5.8 billion in the past five years, hit a new record of $9.3 billion in 2014.
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