Much Ado about 11.11 Single's Festival
11.11, also known as Singles Day, is a shopping holiday that originated in China. The holiday was created by four single men who lived together in a dormitory at Nanjing University in the 1990s. It was later adopted by Alibaba in 2009 as a way to promote online shopping, and has since become the largest online shopping day in the world. During the holiday, merchants offer steep discounts and consumers flock to online marketplaces to take advantage of the deals. In recent years, Alibaba has also used the holiday as an opportunity to promote charitable giving, allowing merchants to pledge a portion of their sales to a charity of their choice. The holiday has broken sales records year after year, with 2022 being no exception.
Singles Day, also known as 11.11, is the world's biggest shopping event, with sales exceeding $139 billion in 2021. Alibaba and JD.com dominate Singles' Day sales, with the third largest brand in terms of sales volume being Pinduoduo, which made up just 6.4% of total sales. In 2019, total sales hit $38.4 billion in gross merchandise volume after 24 hours, a 26% increase over the previous year. In 2022, Alibaba's Singles' Day shopping holiday in China saw sales stagnate for the first time. The top-selling categories sold on 11.11 include electronics, cosmetics, beauty items, and fashion. The holiday has become by far and away the largest shopping event in the world, raking in just over $30 billion in gross merchandise volume in 2021.
Singles' Day, also known as 11.11, is the largest shopping event in the world, surpassing other shopping events such as Black Friday and Cyber Monday in terms of sales. In 2021, Singles' Day sales exceeded $139 billion USD, attracting 900 million shoppers. The holiday has become by far and away the largest shopping event in the world, raking in just over $30 billion in gross merchandise volume in 2021. The event boasts over 200,000 participating brands, up from 60,000 in 2017 and just 27 in 2009. The top-selling categories sold on 11.11 include electronics, cosmetics, beauty items, and fashion.
The top-selling categories sold on 11.11 include electronics, cosmetics, beauty items, and fashion. Other popular categories include gadgets and other electronics, home and lifestyle, Christmas gifts, groceries, and home essentials. During the Shopee 11.11 Big Christmas Sale, the top-selling items included phone cases, power banks, and face masks. In 2019, Alibaba's Singles' Day set a new sales record of $38.4 billion, with over 200,000 brands participating in the shopping festival, including more than 22,000 international brands from 78 countries.
The most important factor in 11.11 sales is that it gives customers the opportunity to bring out their unused coupons and receive great savings on their purchase, helping them make ends meet in these tough economic times. Participating in 11.11 not only offers great savings but also allows customers to be part of a global shopping phenomenon. Many customers enjoy celebrating the 11.11 event online with their friends and 'window shopping' together even if they aren't planning to make any purchases that year. Livestreaming has become an increasingly popular way for brands to engage with customers during the event. The event also gives manufacturers and retailers a platform to showcase their products and reach a wider audience. In conclusion, buying during 11.11 offers great savings and the opportunity to be part of a global shopping phenomenon.