Singles’ Day Celebration–the Largest eCommerce Event

What is the biggest shopping day of the year? If you guessed Black Friday, you’re wrong. Instead, it’s Singles’ Day, Nov. 11 (or 11/11 – a bunch of ones, like singles).

We have written about the social and cultural behavior of urban Chinese youth and pointed out that well-meaning foreigners, middle-aged Chinese, and a wary government dismiss much of this behavior as copying the Westerners because it doesn’t fit into standard Chinese stereotypes. Now emerging from a vast social transformation over the course of three tight decades, the new Chinese culture developing is in fact profoundly Chinese, but no longer representative of a China that was once rural, uneducated and inward-turning.

The primary reason is China’s burgeoning e-commerce market. China is the world’s largest e-commerce market, with a significant lead on other markets, including the U.S. ($450.81bn), UK ($110.07bn) and Japan ($95.33bn). Ecommerce sales in China are expected to pass $1.132 trillion in 2017, accounting for nearly half of worldwide retail ecommerce sales, according to eMarketer.

Additionally, the U.S. lags behind far China in terms of mobile payments. Even QR codes, which have largely flopped in the U.S., are used everywhere in China to buy goods. According to iResearch Consulting Group, which measures online audiences in China, the gross merchandise volume (GMV) of online payments in the country reached 57.7 trillion yuan in 2016, amounting to about 50 times the GMV of similar transactions in the United States, which is estimated by market research firm Forrester Research at US$112 billion. This huge gap is explained by China’s relatively underdeveloped credit card system which has led to the “leapfrog development” of online payment.

The CIIE–China International Import Exhibition) are now hot in Shanghai, with this event, the globe will see how big the Chinese domestic demand, and the coming Single Day’s Shopping Event will surely be handing in a satisfactory answer to the globe. As the major participant in the event, ChinaDivision has been partnering the global enterprises to fulfill their order fulfillment need.

 

 

 

 

 

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