China’s Singles’ Day Expected to Post $9 Billion in Online Sales
And it would most likely blow your ears back to hear that the 24-hour sales exceeded $9 billion. That's about four times more than Cyber Monday sales in the U.S. It's even more than the total U.S. online sales for Black Friday and Cyber Monday combined last year.
Celebrated on 11/11 Singles' Day is an example of the global holiday marketing niche. Readers of the book "How to Make Money Online with Holiday Marketing" already know that holidays are a "global money making phenomenon".
Legend has it that Singles' Day was created in the 1990's by either a group of lonely bachelors or Chinese college students to celebrate being unmarried - in a culture that generally doesn't (my money is on the college kids). They chose 11/11 because of the visual symbolism of single branches.
He essentially appropriated the day and amped it up to a new level of visibility in order to maximize online sales. Alibaba added the power of the Internet, mobile and e-commerce. Today through a massive marketing effort consumers can purchase everything from clothing to cosmetics, electronics and more at huge (50% minimum) discounts. Alibaba says there will be six million products included this year.
Major brands like Apple, Burberry, Costco, Walt Disney, Calvin Klein, Fisher-Price, and Lego have all participated. Many companies see it as an excellent opportunity to introduce their products to the Chinese consumer market. The event has gone global.
And it's not just online merchants, brick-and-mortar stores have also worked their way into the frenzy.
The result is now more than 40,000 merchants and 30,000 brands are participating. Chinese customers placed some 278 million orders. According to a Nielsen survey consumers are expected to spend about $277 each this year.
So what's the lesson? As marketers you should not view "the holidays" as only Christmas in the U.S. There is an entire world of holiday marketing opportunity taking place. In the era of the Internet, social media, mobile and ecommerce these holidays will continue to grow and globalize.
How are you getting your slice?