Asia’s ecommerce sector is about to receive a big boost, as retailers prepare for the biggest Singles Day on record – but how will it impact bricks-and-mortar shopping?
For those of you not familiar with the concept, Singles Day is a consumer holiday invented in China, emanating from an anti-Valentine’s protest in which bachelors celebrated their singledom. November 11th is the chosen date because it’s represented numerically as 11/11; a series of number ones.
In 2009, Chinese ecommerce platform Alibaba spotted the potential to turn this event into a commercial opportunity, encouraging unattached consumers to treat themselves, in lieu of a partner.
Since then, it has taken off in an unprecedented manner. The very first Singles Day event netted ¥50million for online retailers and by 2013 it had passed the ¥57billion mark – more than the total spend globally on Black Friday last year. In short, it’s become a critical ….