Who’s the happiest one on Singles Day
November 11 is Singles Day (literal translation “bare sticks holiday”) in China, it was created in 1990s by university students in China. November 11 was chosen as the Singles Day because it writes 11.11 like “four sticks”. Now it has become so popular that most young people in China, single or not, will celebrate this day. And recently, E-commerce companies has caught on to the trend to cash in big time. Making the e-commerce companies the biggest winner on this holiday.
On the Singles Day last year, there have been over 10 million items sold only on Taobao, the biggest E-commerce platform in China, that equals to about 178 orders per second. The total sales hit an unprecedentedly high record, at ￥5.2 billion in one day, which equals to 5 days worth of retail revenue in Hong Kong.
The astonishing numbers are the result of consumers’ astonishing craze. Millions of online buyers waited for 0 o’clock of November 11 last year to purchase big discounted items.
Why is the online turnover on Singles Day so high?
Singles Day is created and promoted online by citizens and citizens happen to be the majority of online consumers. Nowadays, there are many citizens who likes to be cooped up at home and search for online deals, so online consumers are willing to join in the Singles Day purchasing frenzy.
2. Shopping time
Singles Day falls on November 11, which is during the transition from autumn to winter. Singles day also falls in the time during the change of season for wardrobes, so it’s a perfect excuse for vendors to have promotions and for shoppers to stop up on clothing and other stuff for winter.
Singles Day online shopping has already become very popular in China among young people. And they create the trend that attracts more people to join them. And it just started 3 years ago, so it’s still a quite new topic and this trend will keep on for several years more.
4. Time-limited discount
As a Chinese, I have to say discount is always an ultimate weapon for us, especially those big discounts, even with a limited time!
During the Singles Day, many shops will have pressure to finish their target sales of the year, so they are willing to offer a considerable discount to clear their stock. And consumers are also willing to pay on this day because they can get what they want at half the price, but they have to be quick, or the discount will be expired.
Many people get paid on 10th day of each month, so their wallet is ready for the online shopping. And for Chinese people it’s always a comfort to spend some money when you have money and not on credit.