January 21, 2020
For the last few years I have watched the growth of Alibaba’s 11:11 (aka Singles Day) Shopping Festival in awe … the numbers of participants, and their spending, are just staggering.
Last year, $30 billion (213 billion Yuan) sales in 24 hours, rising to $38.3 billion (268 billion Yuan) when all transactions were completed … that’s a 26% increase on last year … and 10 times more than the entire USA retail spend on Black Friday, traditionally America’s biggest shopping day.
However this is no usual online shopping program. It’s more like a 24 hour online entertainment event too, with many celebrity appearances, music and dance, and much more too.
Most significantly it’s the gamified user experience that struck me.
Think of most online sales – on Amazon to Zalando – and it essentially a mark-down fest of 20% 30% 40% discounting. Same instore. It’s all price driven.
At Alibaba …