Why Singles Day Became So Big Like A Multibillion-Dollar Event?
The Singles day is celebrated every November 11 and it has become an extraordinarily big event with sales online hitting higher than the combined sales of Cyber Monday andBlack Friday. It was Alibaba which has started this holiday making it an annual event for shopping. This was originally made in order to boost e-commerce sales and its platform. Even last year it hit a whopping high of $25 Billion in sales for a 24 hour timespan. That remarkable figure was just staggering with Cyber Monday only hitting $6.59 Billion while Black Friday was at $5 Billion sales for the same year.
In fact Alibaba’s rival, JD.com which is also an e-commerce giant generated $19 Billion for 11-days centered on Singles Day. Even the American giant Amazon is also promoting Singles Day now by sending out emails related to the holiday in Singapore.
How it got to be so big?
It was Daniel Zhang of Alibaba Group, presently the CEO, how launched he discount offer concept in 2009 for shoppers on Singles Day. The event continued year after year and it was in 2017 that it has reached its peak with 256K of transactions per second and 775 million of parcels were generated within the 24 hour span period. That was attributed to the huge Chinese population and the increasing middleclass with smartphones. It was also the first time ever that this mobile first market went on live streaming that features celebrities like Pharrel Williams and Nicole Kidman to witness the midnight countdown towards Singles Day. Then there were the fashion shows that gained popularity in the social media and was also telecast in some Chinese TV.
That was last year; this year for sure there will be other tricks up the sleeves that will continue to gain customers and will make the Singles Day shine even brighter.