What started out as a one-day sales event for single people in China turned into a major shopping festival in the world.
Alibaba’s Singles Day, otherwise known as 11:11, celebrates its 10th year on Nov. 11 and expects to beat last year’s record-breaking revenue of $25.3 billion.
At the official launch of 11:11 Global Shopping Festival in Beijing, the Chinese eCommerce giant said that this year’s event is going to be the largest ever in terms of scale and reach.
Aside from its confidence that more people will shop on its online platforms as Singles Day falls on a Sunday this year, Alibaba is relying on its New Retail strategy to deliver the best of online and offline shopping to its customers.
During the 11:11 launch, Alibaba CEO Daniel Zhang shared how the company’s new retail model changed the shopping experiences in China’s department stores, supermarkets, and car showrooms among other brick-and-mortar businesses. He said:
“Over the last two years, we have pioneered the concept of New Retail to accelerate the digital transformation of the offline. We are excited by the impressive results achieved to date and will continue to be the driving force innovating for merchants and customers in the coming decades.” – Daniel Zhang, CEO, Alibaba
The race with Black Friday doesn’t end
Last year’s Singles Day and Black Friday revenues were largely driven by mobile transactions, but the former’s was way higher than the latter’s $5 billion.
Despite having successfully overtaken the US shopping event, Alibaba isn’t about to slow down with its 11:11 promotions. In fact, its Tmall platform launched 500,000 items for pre-order as early as Oct. 20.
Meanwhile, the company’s Tmall World, AliExpress and Lazada stores will accommodate overseas shoppers in hopes of bringing home a bigger slice of the international eCommerce pie.
For this year, Alibaba has 180,000 brands participating compared to last year’s 140,000.
As an online seller, has Singles Day ever been a big sales day for you? Do you think it will move to the western world eventually? Share your thoughts with us in the comments below or over in our Facebook Group.
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