News: The world’s biggest online shopping event saw £2bn in sales in first hour alone.
The US has Black Friday, the UK has Boxing Day and China has Singles Day – the world’s biggest online shopping event.
Alibaba has declared this year’s Singles Days as the most lucrative ever, surpassing last year’s £6.1bn in just over half the time.
With more than $1bn spent within eight minutes, Alibaba has reported that it had made £2bn in sales in the first hour alone.
Also know as Double Eleven as it is held on November 11, Singles Day has become a major day on the calendar for Chinese retailers. However, the opportunity for UK retailers is just being realised, with Jamie Merrick, head of industry insights at Demandware, saying:
"Singles Day provides the perfect storm of market conditions for brands wanting to break into the Chinese market.
"The internet savvy Chinese are communicating, connecting and socialising in new ways, which has refreshed the international retail marketplace.
"As this trend gathers pace, there is a strategic argument for brands to use this as an opportunity to build engagement and loyalty with new customers abroad and meet their appetite to engage with western brands."