China’s online shopping holiday ‘Singles’ Day’ – similar to Black Friday – has left all previous records in its wake. And with a shopping total that was bigger than Facebook’s entire revenue last year, Single’s Day now reigns.
Chinese shoppers spent a grand total of $14.3 (£9.37) billion on merchandise through eCommerce giant Alibaba alone. Furthermore, that figure isn’t inclusive of the additional billions more spent on competing websites.
That $14.3 billion figure smashed the forecasted expectations, and knocked last year’s figures out the park, exceeding them by 60 percent.
Just to give you a true comparison, sales on Cyber Monday, the largest online shopping day in the United States, hit $1.35 billion (£88.43 million), data analytics firm ComScore revealed.
The event is held annually on 11 November and is also referred to as Double Eleven due to the date it is held on.
The whole idea of Singles Day was originally a joke, for people in China who weren’t in a relationship to celebrate the fact, but six years ago, in 2009 Alibaba co-opted the event and turned it into a consumer-fest for one and all.
Alibaba’s president, Michael Evans, has now gone on to say that, following the success of this year’s Single’s Day, “Within the next five years, we expect China will become the world’s largest eCommerce market for imported products.”
Could this be an opportunity for your Magento shop to benefit from an overseas phenomenon? All we can say is, watch out Black Friday!