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Biggest online Retail event 11.11 set new record

Singles’ Day, also known as “Double 11”, is the biggest online sales event in the world, outstripping the sales of U.S. shopping holidays Black Friday and Cyber Monday. Last year, the massive 24-hour shopping frenzy generated a record $30.8 billion in total sales. Alibaba says it had received more than a billion delivery orders just before the 24-hour mark, which means 77% of China’s population would have a package after Singles’ Day. The delivery speeds have also improved over the years. It took about 9 days to deliver 1 billion packages in 2013 but the time shrunk to around two and a half days in 2018, according to Alibaba’s Cainiao Network, which works jointly with eight other delivery companies.

More than 90% of “Double 11” purchases are transacted on mobile phones.

The Chinese event was originally a novelty student holiday to celebrate being single, countering Valentine’s Day, but has since grown into a month-long online shopping festival that peaks with a 24-hour sale on November 11.

The first-ever “Double 11” sales launched in 2009, offering discounts on Alibaba’s marketplaces where only 27 brands participated. Last year, the company said it worked with 180,000 brands across over 200 countries.

This year will be the 11th “Double 11” festival, with more than 200,000 brands participating, one million new products on offer and over 500 million users are expected to participate — about 100 million more than last year

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