Retailers in China get set for 'Singles Day' extravaganza
Chinas biggest annual online shopping day is taking place today and is expected to set a new world record for the most spent in a single day online.
The 11th November is Singles Day in China, when consumers celebrate their single status and retailers launch deep discounts and exclusive offers online for one day only. Last year shoppers spent in excess of USD5.75 billion via Alibaba’s Taobao and Tmall platforms alone – three times the USD1.7 billion revenues taken by US retailers for Cyber Monday.
David McCorquodale, head of retail at KPMG, explained: “China will soon overtake the US to become the world’s biggest online market. Singles Day is an opportunity for British brands selling to consumers in China to get in on the action and raise their profile in the marketplace.
“This is a growing market. By 2020, China’s e-commerce market is forecast to be larger than those of the US, UK, Japan, Germany and France combined. It has the potential to deliver massive future growth for UK retailers suffering from flat-lining sales in Western Europe.
“Offering attractive, targeted, Singles’ Day promotions, could deliver a timely boost to British brand owners’ sales, even if they use a third party site like Tmall.”
Singles Day is also expected to spread beyond China as Chinese owned companies expand overseas and introduce the promotion to new markets.
McCorquodale added: “Tmall chief executive Wang Yulei has also spoken of his determination to take Singles Day global, and capitalise on the media attention garnered by Alibaba's IPO. Elsewhere in the world we may well see retailers jump on the bandwagon and introduce Singles Day in their domestic markets, following in the footsteps of Black Friday, which has successfully spread beyond the borders of the States.”
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