Payments Blog

Are You Part of Singles' Day History?

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.

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! 

About Alipay:

  • 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

About UnionPay:

  • 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! 

Contact Cardinal

To learn more about how Cardinal can secure your payments and FutureProof your business, connect with us  or check out our website www.cardinalcommerce.com 

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Posted by Maggie Bodak

Maggie Bodak is Manager of Payment Brand Acceptance, and Centinel Product Captain at CardinalCommerce. In these roles, she rallies to amplify and diversify our payment methods and offerings, expands our international footprint, and solidifies our payment APIs for the Centinel platform. She has also proven instrumental in driving our technology innovation, balancing this growth with a focus on the fundamental value propositions for Cardinal's client base. Maggie joined Cardinal in 2011, and began her career in the payments industry within Sales and Account Management. She quickly moved into her current leadership role, where she succeeds by applying a client perspective to her view of the Payment Partners. Over her tenure at Cardinal, Maggie has also offered her expertise to improve internal documentation and processes, and is looked to as a leader and valuable resource. Currently, she analyzes statistical data on Consumer Authentication (3-D Secure), consumer experiences, and adoption rates throughout the world. Maggie is also championing Cardinal's new and improved Knowledge Base, with articles for clients within the Salesforce Service Cloud, and will be one of the select individuals to ignite a client-empowered database of FAQs, troubleshooting information, and user guides, to promote Cardinal's focus on self-service. In her free time, Maggie loves to relax in her beachfront town on Lake Erie with friends and family. She also enjoys visiting Cleveland attractions with her son and vacationing around the U.S. Truly an optimist, Maggie is the rare Clevelander that doesn't complain about the snow accumulations in winter - she loves it!

Find me on: LinkedIn

Aug 5, 2014 9:00:00 AM

Topics: CardinalCommerce, SinglesDay, AliPay, China Union Pay

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