Singles Day: Chinas $25 billion shopping festival explained

This Sunday is November 11, an auspicious date within the Chinese tech community because it marks Singles Day, the worlds largest online shopping day. This year is particularly poignant since it will be the tenth edition ofthe annual event also known as Double Eleven since it was created by Alibaba, the Chinese e-commerce giant.
Singles Day is huge business today.Alibaba sold more than $25 billionin goods last year as 11.11 moved outside of China into other regions withinAsia and beyond. The company has consistently grown its sales tally year-on-year, so its fair to expect $35 billion or more in trading to take place this Sunday even though there are doubts over China economy and an ongoing trade war with the U.S.
Weve dug into the phenomenon so that, this year, youre well prepared on what to expect.

What is it?

The event is akin to Black Friday and Cyber Monday in the U.S. but it is 2.5 times larger than both of those dates put together. Alibaba discounts a range of products across its online sales platforms which include its Taobao marketplace, Tmall store for brands, AliExpress international services and more recently its global businesses. Thoseinclude Lazada in Southeast Asia and Indias Paytm, which counts Alibaba and Ant Financial as major investors.
The sale covers obvious goods like smartphones, TVs and otherbig ticket consumer items but also fashion, clothing, furniture, health products and more. The less expected items that sell well include cleaning products, toilet paper and daily perishables. Theres also a strong demand for cars among other things.
In total, Alibaba saw1.48 billion transactions worldwide last year with a peak of 325,000 orders per second.Its Alipay payment service clocked1.5 billion payment transactions with total orders reaching812 million.All the while, a dominant 90 percent of sales came from mobile devices thats well ahead of the U.S. which saw37 percent during Black Friday and 33 percent on Cyber Monday.
Singles Day: Chinas $25 billion shopping festival explained
Alibabas 11.11 sales passed a record $25 billion in 2017 (Image via Alibaba)
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