Market watchers view the annual shop-fest as an essential indicator of consumer power in the world. Going by this metric, in 2020 alone Alibaba and rival JD.com recorded a reported $115 billion in transactions, even despite the pandemic.
In comparison, 2020’s Black Friday and Cyber Monday managed to score up to $9 billion and $10.8 billion, making the Singles’ Day event become an essential factor in the growth strategy adopted by many online retailers.
Singles’ Day shopping festival is not just about sales, though, as Alibaba and JD.com see it as a way of drawing in new customers, focusing on the so-called lower-tier Chinese cities with price-sensitive consumers.
As the event grows in size and importance every year, many other international brands and retailers shift the focus on the holiday, paving the way for business growth and increased engagement with Chinese shoppers and global customers.
Will they top the 2020 sales?
Sources: cnbc.com, time.com
