Singles Day has stamped itself as the king of online shopping events worldwide. Sales of AUD$10 billion+ in 24 hours were well up on 2013 results, boding well for local version Click Frenzy next week.
Preliminary results from China’s biggest online shopping event, Alibaba’s Singles Day, show sales of RMB57.1 billion in 24 hours, approx. AUD$10.8 billion. The 2014 figures were way up on the 2013 results, which generated RMB36.2 billion on the Alibaba platform (AUD$6.8 billion).
The numbers are staggering, and a testament not only to China’s but the world’s love affair with online shopping events. Singles Day, or the 11.11 Shopping Festival, began in 2009 with a mere 27 merchants promoting sales on Tmall.com to boost awareness of online shopping. In 2014, the event (all hosted via Alibaba’s Chinese and international marketplaces, including Tmall Global) saw participation from over 27,000 retailers.
Mobile sales accounted for 42.6% of the total gross merchandise volume during Singles Day, according to Alibaba. At the peak of the event, 2.85 million transactions were processed every minute by Alipay.
“On behalf of our entire ecosystem — from millions of buyers and merchants both here and abroad — we are very happy with the results of this year’s 11.11 shopping festival,” said Jonathan Lu, CEO of Alibaba Group. “We are particularly encouraged by the growing trend of consumers embracing mobile shopping on a global stage. Alibaba is humbled to play a role in making it easy for people to do business anywhere.”
With its global ambitions made known through its IPO on the New York Stock Exchange earlier this year, Alibaba has its sights set on showing up Cyber Monday, and is well on its way with this staggering result from 2014.
Locally, the success of Singles Day bodes well for the third annual Click Frenzy, launching its 24 hour sale event next Tuesday at 7pm. The event will feature over 300 Australian retailers and 1000s of brands, selling items across all categories at ridiculous prices for one day only.
In 2014, for the first year, American Express is involved in supporting the Click Frenzy 24-hour event. “Online shopping is a way of life for many Australians now. Click Frenzy is a great way to support online retailers in Australia and provide consumers with some great deals in the lead up to Christmas”, says Lauren Dmytrenko, Head of Merchant Marketing for American Express Australia. “It’s also a great opportunity to reinforce to our Card Members how secure, easy and rewarding it can be to shop online using an American Express Card.”