1st minute sales rocket 10 times
Print Edition
TRANSACTIONS in the first minute on Singles Day topped 1 billion yuan (US$157 million) today, tenfold last year’s 100 million yuan, as increasing number of consumers sought discounted items.
“The creation of online shopping festivals by online retailers in China has been an enormous success and a key driver for e-commerce sales in recent years,” said Yan Xuan, president of Nielsen China.
“As consumer demand and spending power in China rises, it’s clear that shopping holidays like Singles Day will add incremental sales for businesses in China.”
To make the event fun and to drive consumption, Alibaba turned the Singles Day promotion into an entertainment gala in Beijing yesterday by allowing viewers to participate in lucky draws by clicking on their Taobao or Tmall applications on their smartphones.
Staged at China’s National Aquatics Center, also known as the Water Cube, the gala was broadcast on Hunan Satellite TV and live-streamed on PCs and mobile devices via Hunan TV apps as well as video site Youku Tudou.
“We expect this year’s Singles Day sales to surpass those of the previous year, suggesting the online shopping festival’s decisive role in the retail segment,” Qian Yixin, managing partner of KPMG China’s retail and consumer products, said confidently.
“Chinese consumers are casting their eyes on the overseas markets to seek the best deal.”
This year’s marketing stunts also include rewarding discount e-coupons to consumers who shake their phones while using the Taobao or Tmall mobile apps during promotional periods.
More than 1,000 retail brands, with 180,000 bricks-and-mortar stores in 330 cities across China, have joined the event as the e-commerce giant promoted an “omni channel” strategy so that consumers would have access to products, prices, after-sales services, delivery options and membership benefits in both online and physical stores.
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