THE WHAT? Alibaba has unveiled a range of online promotions in the absence of physical events for its annual 11th November Single’s Day, with the e-commerce giant topping last year’s 24-hour total in the first 30 minutes, according to a report by Bloomberg.com.
THE DETAILS Popstar Katy Perry performed via a livestream for the event, with Alibaba offering consumers an additional shopping window from 1-3 November for the first time.
A strong indicator of China’s bounce back from the pandemic, sales hit 372.3 billion yuan ($56.3 billion) in the first 30 minutes on 11th November, smashing the previous year’s full 24-hour total of $38 billion.
Liu Bo, General Manager of Tmall marketing and operations, said, “We are seeing Chinese customers releasing the strong consumption demand during the event.”
THE WHY? While Single’s Day has, in the past few years, become an online and high street retail frenzy, with promotional events happening offline, the pandemic has forced promotions to remain restricted to the virtual world.
However, the initial financial results are said to be a positive indicator for the Chinese economical recovery from COVID-19.
Jonathan Cheng, Head of China retail at Bain & Co, told Bloomberg, “Double 11 has historically served as a very accurate indicator for what’s happening in the following year for retailers, brands as well as consumers.
“For this year, with Covid, it’ll become more important. And if you look at China, which is the first one to be coming out of Covid, it’s gonna be an indicator for other countries as well.”
The event was somewhat overshadowed, however, with the Chinese authorities setting out proposals to tackle monopolies in the market. The new proposals indicate how internet companies will be held accountable to the country’s 2008 anti-monopoly law.