Black Friday and Cyber Monday may be monster money spinners for US and European retailers, but they almost pale into insignificance against the sales made on China’s Single Day.
Shopping has become a big multi-billion dollar business in China.
Not long ago, shoppers only had enough money for day-to-day essentials, which was just as well because they were hard enough to find in stores selling luxury goods.
But that’s all changed, and China’s massive online shopping portal Alibaba is leading the way to a brash, new world of fashion, technology and designer goods for the modern discerning shopper with plenty of cash.
In the first hour of Singles Day 2017, the tills chalked up $8.6 billion. This year, a million retailers took part and raked in more than $25 billion by the end of the day – up $7 billion on last year’s $18 billion sales.
Zero to hero in less than 10 years
In 2009, the take was virtually zero.
Like the US equivalents, Singles Day offers limited bargains and discounts. The savings can be up to a third but stock carrying the cheapest price tag is in short supply.
The former austere bastion of socialism has surrendered to full-blown commercialism.
Singles Day takes place on November 11 – the symbolism of 11.11 reflects two couples standing together.
Alibaba’s glittering online malls Tmall and Taobao are the favourite destinations of most internet shoppers as they are laden with goods just like America’s Amazon.
Virtual reality shopping
The Chinese tech giant is changing the way people shop by offering them a virtual reality experience which allows them to walk around stores like Macy’s and Costco, handle goods and click buy buttons to make instant purchases.
Shoppers can also play a game like Pokémon Go on their phones that leads them around virtual shops, rewards them with hidden prizes and, of course, exposes them to sale items and discount deals.
Alibaba has turned Singles Day into the largest online shopping day in the world, outstripping Black Friday and Cyber Monday combined and the outlook is for the red-letter day to take even more cash from anxious shoppers looking for the best deals.
