Alibaba leads world's biggest online shopping spree
Today, Single's Day primarily is a Chinese phenomenon. Almost all the marketing in done in Chinese and is aimed at the Chinese market for delivery there.
"It’s a question of the logistics associated with getting you your purchase," Alibaba’s Paul Kranhold said.
But even if American consumers aren't shopping during Singles Day, American companies are very busy selling.
“For them, it’s getting their brands inside China and focusing on this huge opportunity,” Kranhold said.
The massive sales on Singles Day help to show the growing importance of China and its rising middle class as a critical global market. China has an estimated 600 million to 700 million middle class consumers, and American companies have been quick to see the potential.
“It’s a huge global opportunity for them. It’s a massive chance for them to engage with the largest and fastest growing consumer class in the world,” Zakkour said.
It's also a market where buyers often reject locally made goods, giving U.S. companies an in.
“Chinese consumers demand authentic high-quality products as diverse as baby formula, luxury shopping bags and organic produce, because they cannot trust product safety and authenticity domestically in China,” said Frontier Strategy Group's Backaler, who authored China Goes West, a book about Chinese companies going global.
The event has had a ripple effect in brick and mortar stores in China, with some now holding their own Singles Day sales.
It's also a cultural event. There was a gala opening in Beijing and a huge, star-studded variety show broadcast on nationwide TV Tuesday night that included American actor Kevin Spacey , whose Netflix drama House of Cards is a huge hit in China.
Singles Day first started among university students in Nanjing in the 1990s, as a day for bachelors to gather with friends and meet new people.
The date, 11-11, was chosen because it's a grouping of 1's, or singles. It morphed to include women and be a general "meet possible mates" day.
Alibaba rebranded it as a day for unmarried people to buy items they wanted, and in 2009 launched massive online sales on the day.
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http://www.usatoday.com/story/tech/2015/11/10/singles-day-china-1111-sale-alibaba/75511104/
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