What would you do if you had 54,256,819,200.00 dollars? Well, you probably wouldn't be scrolling through marketing blogs for starters. Even hearing that amount of money can be quite overwhelming. But in China for 11:11 (singles day) it's a number that just keeps getting bigger every year and for retailers better.
11:11 also known as double 11 or Singles Day (pick your flavour) is the biggest shopping day of the year in China (and the world). It surpasses the total profit made on the other dates on the shopping calendar, combined. Taylor Swift headlined last years shopping festival so it's kind of a big deal. Just saying.
Zhang Hengwei/China News Service/VCG via Getty Images
The western retail sector is being too slow to take advantage of this once a year shopping extravaganza and are letting big money slip through their fingers. With a resource like super app WeChat being accessible, it's never been easier to precisely target Chinese consumers. The following fast facts and figures provided below will prove it is time to stop sitting on the fence and start marketing to a Chinese targeted audience.
Americas's Black Friday is the only worthy competitor to Chinese shopping festivals and this year it made over $10 Billion Australian dollars in online revenue. This still does not come close to the retail value of Singles Day. Australia's entire total year of online sales equates to only half of what 11:11 made in just one day. It surpasses the combined online market of India and most of South East Asia, including Singapore, Malaysia and Thailand.
1.4 Billion Australian Dollars in product was sold in 1 minute and 8 seconds
16.9 Billion Australian Dollars in product was sold after the first hour
Celebrities held live streams to advertise their products
Taylor Swift performed at the opening Gala
78 Countries participated
200,000 brands participated in this years frenzy
22,000 of those brands were international
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