By Steven Millward @EzineArticles 11/9/12
November 11th became a bizarre and jokey Single’s Day in China in the 1990s, celebrated as a sort of anti-Valentine’s day. But back in 2008, the iconic date – 11/11 – got a new meaning, and a greater urgency, when China’s top e-commerce site, Tmall, decided to turn it into a huge online shopping sales day. It quickly became a new national institution, and now all the country’s e-commerce sites join in the cut-price e-commerce spending spree that’s known as Double Eleven. 2012’s Double Eleven looks set, for the first time ever, to surpass America’s Cyber Monday in terms of sales volume.
Last year’s Cyber Monday in the US, in data from ComScore, saw $1.25 billion in sales, which was up 22 percent from the previous year. But China’s Double Eleven, with discounts of up to 50 percent on many items – is poised to pass that huge stat. 2011’s 24-hour online spending spree in China raked in US$830 million in transactions for just the two largest sites in the country, Alibaba’s Tmall and Taobao – and that figure was up 373 percent from the previous year. Sadly, nationwide stats for all sites are not available.
So – brace yourselves for this – China’s Double Eleven online shopfest tomorrow will not only be bigger than America’s comparable day, but just two Chinese sites will likely beat that $1.25 billion sales figure by themselves. (continue @EzineArticles)