Just as U.S. retailers are ramping up to score big on Black Friday, one of the biggest spending days in the U.S. retail calendar, retailers in China are revving up for Singles Day on November 11 (Double 11). A pop culture holiday in China in which young Chinese celebrate the single life through retail therapy is one of China’s biggest retail spending date.
Singles day is a major coup for e-tailers, in particular. Last year online sales reached $4 billion, surpassing the $1.5 billion in sales on Cyber Monday in the U.S., CNBC reported. E-commerce giants Tmall.com and Taobao.com did 19.1 billion yuan in sales. They are using social media and offering discounts of up to 50 percent to lure more shoppers this year, reports Xinhua.
More than 20,000 online shops are joining the Singles Day campaign this year, according to Tmall VP Wang Yulei. Other rival e-retailers such as JD.com will introduce new brands, including department store brands, to drum up sales.
This year’s Singles Day will see a more integrated offline and online shopping experience. “More and more companies in traditional industries and more retailing companies are forging commercial models of OTO (offline to online). For example, the franchise stores are opening their online stores, while online platforms are cooperating with offline stores,” said Wan Donghui, deputy secretary-in-chief of the China E-commerce Industry Association.
As the popularity of showrooming rises, some department stores in Chongqing are partnering with Tmall.com so customers can try the products before they purchase online.