11th November is a Chinese holiday celebrated as Singles’ day or Guanggun Jie. The date is acknowledged as it reads as 11/11/Year with the one being significant in the sense of singular, and lonely. Much like Christmas, Easter, and Halloween, this day has almost become a national holiday in China and is responsible for driving many new sales.
Singles’ day consistently sees the biggest online discounts of the year on almost every product imaginable, making Singles’ day China’s most significant consumer event of the year.
Alibaba, an internet giant of Asia, creates many popular services. Alipay is a transactional finance app that Chinese citizens use to pay for almost everything. Online shopping, small business purchases and P2P (Peer to Peer) is allowed by Alipay, and As of the end of 2016, the transaction size reached 157 trillion yuan (£17.28 Trillion), more than 1,000 times growth in four year's time.
Alibaba also owns a company called Taobao, China’s answer to Amazon online marketplace. Alibaba is responsible for driving 500 Billion Yuan (£55 Million) in sales per financial quarter.
On Singles’ day in 2017, Alibaba hit a new world record by generating sales of $25,000,000,000 (£19 Billion) in one day. These profits clearly show that the online marketplace is growing at an exponential rate and that there has never been a better time to get your store online. If your sales aren’t quite reaching the numbers you would like, then offering your products via your website will only gain you more transactions.