- Tram Ho
On November 11 last year, online shoppers in China spent as much as 410 billion yuan ($ 60.4 billion) in 24 hours – double what Amazon made in an entire month, according to a newspaper. consulting company Bain & Company report.
The 11.11 annual shopping festival originated in China, known as Singles Day, viewed by many investors as a symbol of consumer spending in China as well as an indicator of economic health. . This year, with the Covid-19 epidemic hitting many industries and dragging the global economy down, things seem more special to retailers.
Compare online shopping events and Singles Day.
Here’s what you need to know about the upcoming annual shopping event.
Singles’ Day began like?
Written in the number 11/11, the November 11 looks like “bare branches , “ a Chinese expression for a single word that has no connection.
In the 1990s, some Chinese college students decided to celebrate their singles day on this day, they called Singles’ Day.
This is seen as a protest day against Valentine’s Day and many singles in China start flaunting themselves on this day as a way to combat social pressure about a relationship.
But major Chinese e-commerce sites only started to make a real impression after Alibaba first branded its annual shopping festival in 2009, offering discounts of at least 50% and free full shipping. countries on both the Taobao and Taobao Mall e-commerce platforms (now known as Tmall).
Only 27 brands participated in this first event, but last year, after a decade, 200,000 brands from 78 countries and regions helped set Alibaba to sing Singles Day with 268.4 billion in revenue. yuan.
Following in the footsteps of Alibaba, other major platforms like JD.com and Pinduoduo soon jumped into the race with their own Double 11 events, selling everything from consumer goods, electronics to cars and even apartments. with a deep discount.
Number of courier parcels on Singles Day 2018 and 2019.
What’s new this year?
Alibaba will have two discounts this year: November 1 through November 3 and November 11.
According to the tech giant, this is intended to create opportunities for new brands and small businesses to join. The company says it will have more than 2 million new products this year, double the figure from last year.
The livestream event is expected to be the centerpiece of this year’s Singles’ Day celebrations. Top influencers like Ly Giai Ky and the livestream queen Viya Huang will appear. In addition, more than 400 company executives and 300 celebrities will also host individual live broadcasts on Taobao Live featuring products ranging from cosmetics, electronics to automobiles and homes.
Amid the e-commerce boom caused by the Covid-19 pandemic, Singles Day this year is expected to have an even greater global reach than in previous years. More than 2,600 new international brands will be promoted on the Tmall Global platform.
The company’s logistics arm Cainiao will charter about 700 flights for the shopping festival and more than 50% of this year’s cross-border parcels are expected to be delivered twice as fast as usual.
Other e-commerce platforms like JD.com, Suning.com, Vipshop and NetEase’s Yanxuan as well as short video platforms Douyin and Kuaishou have all announced plans to participate in the November shopping festival this year.
JD Retail CEO Xu Lei appeared on the Roast Convention, the Chinese version of the American comedy series Comedy Central Roast, last week to promote this year’s JD Singles Day event.
Pinduoduo, China’s third-largest e-commerce company, also announced a partnership this year with Hunan TV to donate 1 billion yuan of red packets for promotions on Nov. 10.
What about all the other shopping festivals in China?
While Singles’ Day is still regarded as the largest online shopping festival in China and the world, other major Chinese e-commerce companies also have their own shopping festivals named after The exact day.
Alibaba’s rival, JD.com, started its annual sales gala, the mid-618 shopping festival, on June 18, 2004 to celebrate its founding. Much like Singles’ Day, the event has expanded beyond the platform and became a nationwide shopping festival across multiple platforms, including Alibaba’s Taobao and Tmall as well as Pinduoduo.
At this year’s 618 festival, JD.com recorded revenue of 269.2 billion yuan, up 33% from the previous year. Transactions on Alibaba’s Tmall are up 100% from a year ago during the first business hours of June 18, according to the company.
Retailer Suning.com also has its own 818 annual shopping festival, which falls on August 18 every year. The Nanjing-based company started as an air conditioning shop in 1990, and they took the 818th to promote the sale of air conditioners in its early years. Since then, it has become one of the company’s most important marketing events.
For this year’s 818 Shopping Festival, Suning.com partnered with Douyin to provide live-streamed supply chain and branding services. The push for social ecommerce and further digitalization of their offline stores seems to have paid off. The company’s online sales during the 818 shopping festival this year have more than doubled from the previous year.
Kuaishou’s first November shopping festival this year will coincide with Singles Day but will have its own branding – Kuaishou 116 shopping festival will start October 30 and run until November 11, with Most promotions are available on November 6th.
Kuaishou backed by Tencent Holdings is a relatively newcomer to live-stream e-commerce, but has announced ambitious goals like a plan to incubate 100,000 businesses and help them reach 1 million. RMB annual turnover next year.
Source : Genk