On November 11th, China entered a shopping frenzy.
On November 11th last year, more than 1.9 billion items were purchased in the country of 1.4 billion people, with the total value of transactions exceeding 210 billion yuan (over 31 billion USD).
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| Cainiao, a delivery company, will be launching an automated delivery service during this period. (Image: Internet) |
November 11th is a consumer event that takes place exclusively in...Chinabut it is the largest in the world. This time last year, more than 1.9 billion items were purchased in this country of 1.4 billion people. This year, efforts are being made to revive the consumer market, which has just experienced a shock.Covid-19Online sales systems mobilized approximately 3 million employees and scheduled 4,000 aircraft and ships to fulfill orders.
Market forecasts indicate that robotic vacuum cleaners, vacuum cleaners, and tool boxes will be the hottest items.
According to consumer trend analyses, due to the pandemic, accumulated travel and shopping funds will be spent frantically during this period.
"Online shopping is usually booming with affordable goods, but this year it's very likely that luxury items will make an impression," said Michael Norris, a market expert from Shanghai-based consulting firm Agency China.
Singles' Day on November 11th is an initiative of China's largest online retail group. Other retail days follow this event, but none can compare to Alibaba in terms of sales and revenue. On November 11th, 2019, the total transaction value exceeded 210 billion yuan, equivalent to over 31 billion USD. Even more impressive is that in just over a minute after Alibaba began accepting orders, revenue reached 1 billion USD.
According to leaked information, more than 350,000 domestic and international brands registered for trading on November 11th this year.