They say "1" is the most lonely number. In China, On 11.11 this day, it's called “Singles’ Day” (光棍节 guāng gùn jié) or “Double 11” (双十一 shuāng shí yī), is a holiday for bachelors and a day to celebrate singlehood.
Double 11 was first created in 2009 by Chinese eCommerce giant 阿里巴巴 Alibaba (parent company of Tmall, Taobao, AliExpress, etc), which is owned by Jack Ma. Nowadays, it has evolved into the most important online shopping festival in China, attracting other digital platforms to adopt and participate.
It's not just about selling things online but more like a gala. In past years, Alibaba have hosted stage shows and invited many international celebrities to come to China.
Double 11 sees records broken every year, and customers waiting eagerly for the clock to strike at midnight on November 11. The shopping event is in competition with no one but itself, and sales figures tell a significant part of the story. Taobao’s gross merchandise value (GMV) hit RMB 100 billion (US$15 billion) in 2016, RMB 200 billion (US$30 billion) in 2018, and last year the number peaked at RMB 268 billion (US$40.2 billion) in 24 hours. (Data From China Briefing)
According to Adsmurai, it says that there are triple wins situation on this day:
- The direct beneficiary are the consumers. They get the largest discount of the whole year and a perfect chance to purchase originally mid-high priced products and stock up daily necessities.
- Businesses can expect a significant portion of annual sales coming from Double 11. It's a great opportunity to clear excessive stock before end of year.
- For the platforms organizing the festival, Double 11 means gathering on consumers’ trust, traffic and negotiation power with the brands, and reinforce their status as big players in e-Commerce.
As TablO venturing to get involved with Mainland China, we have set up our RED and WeChat Official Account. This year, we also have contacted our retailers in China to share their marketing plans on 11.11.
On Tmall, IVV, the fantastic brand loved by Chinese customers is holding its annual discount event with special gifts. We believe if we explore more about this land, we can get more closed to Chinese customers and build their beliefs in Italian high-quality goods.
So, get ready for grab the best deal of the year!!