Singles’ Day is the world’s biggest online retail sales day

Singles day (Guanggun Jie) is a day for people who are single and are the biggest online shopping day in the world, celebrated today on November 11 (11/11). The day is chosen for the connection between singles and the number 1.

singles-day

This day is very popular among young Chinese people, while singles organize parties and karaoke to meet new friends or try their fortunes. For breakfast on Singles day, singles often eat Youtiao which is deep-fried dough sticks. The day is also called Anti-Valentine`s day.

China`s Singles day has surpassed the U.S`s Black Friday by $9 billion in sales in just 24 hours. It makes the day the most profitable manufactured holiday in history. Alibaba is the biggest online company in China, and will profit from this day. Alibaba reported that they surpassed $2 billion after just 60 minutes today.

Jack Ma said in an interview that Alibaba will deliver about 260 million packages over the next three days, compared to 17 billion a day. Alibaba`s sales on Singles day have grown by 5,740% the last four years.

In 2011, Alibaba reached only $820 million, and in 2012, they did $3,04 billion. A great jump from 2011 to 2012, but in 2013 they reached $5,75 billion. Pretty impressive that too, but today they expect about $8,65 billion, according to industry tracker IDC.

IPO price for Alibaba was $68 per share and the stock is up 70% since their IPO day. Shoppers on the social media platform Weibo (China`s Twitter) complained the online deals were too good, tempting them to spend money they didn`t have.

The Singles day is expected to grow at an annual rate of 25% next year from $390 billion this year to £$719 billion in 2017. Singles day is by many retailers earmarked as an event like Christmas and Chinese New Year`s day.

Alibaba`s CEO expect the Single`s day to become a global holiday within five years.

 

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Shiny bull. The author has made every effort to ensure accuracy of information provided; however, neither Shiny bull nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities or other financial instruments. Shiny bull and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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