November has begun which usually means that stores are getting ready to put out their holiday decorations and products and radio stations are setting up their holiday playlists (in some cases, all of this has already been in full swing for weeks).
Stores and online retailers are starting the final stretch of preparations for major upcoming shopping holidays like Black Friday and Cyber Monday, which take place at the end of the month. However, were you aware that the largest online shopping day is only one week away?
Singles Day is a celebratory day for those who are single in China held on November 11th (11/11, chosen for the four “singles” in the date). Although it has been celebrated for over a decade, Singles Day has recently become the largest online shopping day in the world, trumping Black Friday and Cyber Monday combined in online sales.
In 2013, Singles Day brought in close to $8 billion, taking only 2 hours to surpass the total sales that Cyber Monday brought in the previous year.
Alibaba properties Tmall and Taobao, websites similar to Amazon.com and eBay, sell popular brand names from all over the world and are the two major platforms for Singles Day sales, bringing in $5.75 billion of the day’s total sales. According to InternetRetailer.com, Alibaba expects sales during this year’s Singles Day to increase to $8.2 billion.
Whether brands choose to promote deals on their own websites or through Alibaba properties (though Alibaba made it a bit more difficult to promote Singles Day elsewhere by trademarking the term “Nov. 11”), Singles Day is quickly becoming an ecommerce force to be reckoned with. Missing out on Singles Day could very well mean a loss of millions in potential revenue.