I’ll bet some of you
have never heard of Single’s Day. And I’ll bet most of you will be shocked
to learn that it’s by far the largest day of e-commerce in the world, with last
year’s sales totaling about $3 billion, more than 2X the combined total of
Cyber Monday in the entire U.S., according to The
Wall Street Journal!
Single’s Day has become
a major shopping day in China. Originally a day to celebrate for those
who aren’t married in China, it quickly became a reason to shop online due to
heavy promotions and discounts, and the date of “11/11” stuck since it’s the
date with all ones (i.e., “singles”).
Things are on pace to
set a major record today as well, with expectations that Single’s Day sales on
Tmall and Alibaba will exceed $5 billion today alone (The
New York Times). That’s pretty remarkable. In fact, reports
are rolling in that Alibaba handled $164m in just the first six minutes of
selling today, a milestone that took a comparatively long 31 minutes last year
continues to grow more than 30% annually and is set to eclipse the U.S. as the
largest e-commerce country this year (The
New York Times).
If that doesn’t wake
you up to the opportunity to sell in China and internationally in general, time
to brew some more coffee!
Blog post by
ChannelAdvisor President and COO David Spitz.
Follow David on twitter @davidspitz.