Chinese e-shopping bonanza takes off in high spirits
Chinese e-commerce giant Alibaba Group Holding Limited’s Singles’ Day shopping bonanza - also, known as ‘double eleven’ - hit a 158.31 billion Yuan within the first nine hours on Monday. The statistics showed an instant increase of 25% from 126.72 billion Yuan at the same point last year. This is despite concerns over Chinese consumers buying American brands due to trade war tensions between the countries.
The 24-hour shopping fest, with a market value of $486 billion, kicked off with American pop star Taylor Swift and local celebrity Jackson Yee. The event - Singles’ Day fest - got its name from the calendar date November 11 (11/11). The event was the most discussed topic on China’s microblogging platform Weibo on Monday.
The event, which began in 2009, is a gateway to China for international brands and merchants eying China’s market and purchasing power of Chinese consumers. In this year’s fest, over 22,000 Chinese national and international brands from over 78 countries and regions are participating and exhibiting their products. Alibaba also has a dedicated channel to facilitate cross-border e-commerce.
India is celebrating the Chinese shopping bonanza with the UC Shopping Festival in association with Paytm, VMate, and 9Apps.