Chinese shell out billions online shopping on Singles Day
Chinese users are shelling out billions of dollars online shopping for anything from diamonds to diapers on “Singles Day,” a day of marketing that has developed into the largest e-commerce event in the world. The largest e-commerce giant of China, Alibaba Group, claimed that sales on its platforms by thousands of vendors had gone beyond 130 Billion Yuan (almost $20 Billion) by early last week. In 2016, sales on Alibaba’s marketplace summed more than 120.7 Billion Yuan, a record for the firm.
On the other hand, last year American shoppers invested more than $5 Billion online shopping on Black Friday and Thanksgiving Day, as per Adobe, which tracks such information. Shoppers also invested $3.39 Billion last year on Cyber Monday, the biggest solitary online shopping day in the U.S., claimed Adobe. In China, online retailer JD.com, the main rival of Alibaba, claimed that sales had gone record high $16.7 Billion, although the counts are not comparable since JD tracks payments beginning from November 1, 2017 to the actual date.
Beginning last weekend, Chilean frozen salmon, diamonds, diapers, tires, shoes, beer, appliances, and handbags were exported out from distribution centers of JD.com on trucks bound for deliveries all over the country. China is already the biggest e-commerce market in the world and is the biggest contribution to online shopping that makes up all user investments increase each year. Boston Consulting Group predicts online investments will increase by 20% every year, banging $1.6 Trillion by the end of 2020, in comparison with 6% increment for offline retail.
Singles Day was started in the 1990s by college students of China as a variant of Valentine’s Day for people with no romantic partners. A 30-year-old clerk for an engineering firm, Zhang Jingjing, got ready for Singles Day by making a shopping catalog on Tmall, the retail platform of Alibaba, and watching for when costs drop. She then taps and snags a long-wanted goods at a huge discount. “I have frequently on Singles Day unloaded my ‘shopping cart.’ I have been looking for those items for a long period and know very well their initial costs,” Zhang claimed to the media.