Forget tiny little Black Friday. Here’s how an e-commerce giant has turned China’s bachelor crisis into the world’s biggest online shopping day of the year
The United States very own Black Friday and Cyber Monday online sales have nothing on China’s Singles’ Day. Chinese e-commerce giant company Alibaba Group Holding has turned the anti-Valentine’s Day in China, celebrated annually on November 11 (11.11), into a 24-hour online shopping craze.
In 2015, Alibaba made $14.3 billion in sales, per Fung Global Retail and Technology. As for this year’s Singles’ Day on Nov. 11, it’s expected to skyrocket $20 billion. One in every 12 consumer in China purchased something on Alibaba’s online store Tmall on last year’s Singles’ Day. There were 467 million shipping orders, compared to 278 million in 2014.
The November 2016 report says that there will be 40% growth in Singles Day 2016 sales at Alibaba online stores, up $5.7 billion from last year’s $14.3 billion. In 2015, Black Friday Alibaba netted $1.7 billion, and Cyber Monday’s online sales total hit $3.1 billion. But the Singles Day online sales event on Alibaba were more than quadruple those on Cyber Monday and Black Friday online sales revenues were less than 1/10 of Singles Day sales.
Actually the figures above was not every single shopping website in China. It’s only the spending tally on all Alibaba’s marketplaces.
With all that being said, this makes the combined Black Friday and Cyber Monday spending by American consumers online last year look trifling at only $5.8 billion.
Alibaba says more than 40,000 brands will participate for Singles’ Day 2016. United States major retailers like Costco Wholesale Corp., Macy’s Inc., and Target Corp., are involved this year’s Single Day. Sports apparel company a Nike and Adidas were amongst last year’s most popular brands on Singles’ Day.
Last year, Alibaba reported deliveries 468 million Singles Day orders, nearly 70 percent of which were made via mobile devices. The vast majority of online shoppers in Chinese market planned to shop during the promotional event, just as they had the recent year.