There’s a new phenomenon sweeping the eCommerce world and it’s getting big attention with number totals that dwarf the US market’s Black Friday and Cyber Monday shopping. Guanggun Jie translates to “bare sticks holiday,” or more commonly famous as “Singles’ Day.”
Originating in fraternity houses at Chinese universities, men started celebrating on November 11th by frequenting the ever popular karaoke bars, clubs and restaurants. Most over-indulge and wallow away their sorrows over being single, or group together for parties in the hopes of meeting their significant other. Alibaba’s Tmall (Toaobao Mall) and Taobao retailers caught on in 2009 and started offering discounted prices on luxury items. As the “Singles’ Day of the Century” (11/11/11) hit, more and more Chinese transformed this holiday into a celebration of their single status, or celebrating the singles who have found love. Men and women turned to purchasing token presents like electronics, high-end apparel, jewelry and even vacations for themselves. It has since taken off with astronomical sales that put Cyber Monday to shame.
In 2012, November 11th accumulated 19.1 billion yuan ($3.1 billion USD) compared to the US Cyber Monday totals of $1.46 billion. In 2013, Taobao and Tmall obliterated this number by 80%. Reaching $35 billion yuan ($5.75 billion USD) in one day it was the largest shopping 24 hours ever recorded. Although the US saw an 18% increase in for Cyber Monday from 2012 to 2013, finishing off at $1.735 billion it’s still a fraction of the spending increase occuring in China. In comparison, we would need to add in 5 day totals from Thanksgiving to Cyber Monday, for a total of $5.293 billion, for the US Market to even come close to Singles’ Day.
So what does this mean? It means US Retailers should start paying attention to one of the largest shopping days ever. In China, eCommerce sales are predicted at $500 billion/year by 2015. What other reason would you need to speak to the Chinese consumer who desires American goods?
CardinalCommerce offers two payment methods on our Centinel® platform that can achieve your Asian-Pacific goals, and jump-start your online retail in China with Alibaba’s Alipay eWallet solution and the largest bank card association, UnionPay. With One Connection to CardinalCommerce’s hosted platform, you can easily enable these two renowned companies and reach the most highly populated country in the world. With staggering statistics of 591 million online users and 47% of their eCommerce dollars spent with US merchants, China will make an immediate impact to your sales with the right payment method, in-demand products and marketing. You still have time, before the holiday season of 2014 to get involved in the Chinese market and enable these payment giants to elevate your international business. Contact your Cardinal Sales Representative or Client Manager for additional information!
- Owned by Alibaba Group
- #1 Preferred Online Payment Tool
- 1st to gain Chinese Cross-Border Online Payment License
- 250 million Active Users
- 50 million Mobile App Downloads
- 20 million Taobao and Tmall Merchants
- Largest Bankcard Association in the World
- 4.14 billion Total Credit and Debit Cards Issued
- 199% Annual Growth
- 99% Brand Awareness
- 100% Banking Penetration in China
- Global Acceptance with Merchants in 190 Countries
- 90 Transaction Currencies and 15 Settlement Currencies
To learn more about Singles' Day in China Contact Cardinal!