Welcome to the biggest online shopping day on the planet
The shopping frenzy around Black Friday and Cyber Monday all provides online retailers with opportunities for big sales and revenue generators. However, both Cyber Monday and Black Friday’s sales combined are nothing compared to what was achieved on Nov 11 2019: $38.4 billion of online sales in a day.
The world’s biggest online shopping marathon of the year doesn’t take place on any Western marketplace. It’s held by Alibaba, China’s global ecommerce giant and it’s called Singles’ Day or 11:11. Founded by college students in the 90’s as an antidote to the exclusively couples Valentine’s day, it’s grown into an excuse to treat yourself, friends and family.
| How to win in China: Find out how Alibaba takes brands to new markets on 11:11. | |
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| Find out more about Alibaba’s mega shopping festival |
In 2009, Alibaba spotted the commercial opportunity in 11:11 and started launching “Double 11 deals”. The rest, as they say, is history, except that this year will see the biggest international presence in its 12 years, with 250,000 international brands participating and over 2 million products available to over 800 million users, many hungry for premium goods from trusted domestic and international suppliers. 11:11 provides probably the biggest opportunity to connect China with the world; Alibaba have extended the event from a one-day sale into a three-week extended sales period is to give brands and SMEs more exposures and opportunities to reach consumers. As China looks to be closer to the tail end of the coronavirus pandemic, 11.11 is expected to be a major growth driver for merchants.
The Alibaba digital ecosystem is rolling out several new initiatives to help meet China’s pent-up consumption demands. Covid-19 and travel restrictions have driven the growing affluent urban Chinese power-spenders to online platforms for their overseas purchases. With more immersive experiences and opportunities to showcase products in personalised settings, there’s also the chance to capitalise on the fresh energy of this shopping event. Unlike Black Friday, which has in the UK become synonymous with undignified scrambles for products, 50% off discounts, and returned goods, Singles Day in China is marketed as a more upmarket, interactive experience for the tech-savvy consumer.
Make the connection
This year the Alibaba International PR team is hosting an online event called “Understanding 11.11: Alibaba’s Mega Shopping Festival” to show a global audience how Alibaba pulls off the incredible 11.11, and how it helps brands around the world to succeed in China. The event will hear from founders and CEOs of major global brands as well as small businesses who are participating in 11.11 for the first time, along with China’s hottest live streamers, on the ground action and live results.
To join on 11 November, 3pm GMT just follow this link https://alibaba.brand.live/c/11-11
How WorldFirst can support
As part of our mission to make it easy to do business anywhere, we at WorldFirst are making it easier to do business in China than ever before. With such great potential to expand into the Asian market, grow your customer base, and drive sales, China Singles Day is an opportunity that shouldn’t be quickly passed up by any eCommerce company looking to expand its international reach. WorldFirst partners with major marketplaces and eCommerce service providers such as AliExpress on a global scale, making it easier to do business in China than ever before.
| Enter new markets faster by collecting and managing international funds with ease. | |
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| Find out more – and start saving! |
Partnering with leading marketplaces such as these also enables us to help you solve the issue of cross-border payments for your eCommerce business. With our free World Account, you can open multiple local currency accounts in GBP, USD, EUR, CAD, JPY, AUD, SGD, NZD, HKD and CNH and receive money at a great rate. Get started today.