Six Months to Singles’ Day: Is 11.11 on Your Calendar?
Singles’ Day, which began as a festival of young Chinese people celebrating their pride in being single, has become the world’s largest 24-hour online shopping event in terms of gross merchandise volume (GMV). Alibaba’s platforms and JD.com are the two major players.
With six months to go until Singles’ Day 2019, brands and retailers looking to participate in the event should start to plan now to ensure products, logistics, warehouse space and marketing efforts are ready.
- Singles’ Day 2018 generated $30.8 billion in total GMV on Alibaba’s online platforms, while JD.com reported US$23 billion in GMV.
- Singles’ Day, or 11.11 as the festival is also known, has grown to be so huge it can serve as a strategic entry point to the China market.
- To succeed on Singles’ Day, brands and retailers must leverage social media to boost consumer awareness – and incorporate Chinese cultural elements into offerings.