Consumption in China may outdo the US this year, at least in e-commerce. Alibaba and its two platforms Taobao and Tmall are raking in cash from yesterday’s “Single’s Day” sales event, which some predict will overtake America’s Cyber Monday when it occurs later this month.
Originally a day to celebrate being single on November 11th, or 11/11, Single’s Day has since become an online shopping spree event in China created when Alibaba decided in 2009 to promote a sales event on the same day. Hoping to attract gift-giving singles in the mood for romance, the event offers irresistible prices for online shoppers in China, and it is gaining popularity at an incredible rate.
Alibaba has reportedly made $3.1 billion dollars (19.1 billion RMB) in sales, which is a 367 percent increase from last year, as reported by The Next Web. This change is remarkable considering that last year’s comScore estimates show that Cyber Monday 2011 brought in a total of $1.25 billion dollars.
China’s has 193 million online shoppers by the latest estimates from Boston Consulting Group. TechinAsia also reports that the ratio of computer to mobile users was 3:1 this year, which was a sharp change from 5:1 last year.
Image source: Morning Whistle