Last week was China’s 11.11 Festival, also known as Singles Day, one of the biggest dates on the global ecommerce calendar. Having previously set online payment processing records, 11.11 is a key indicator of the state of both domestic Chinese ecommerce and cross-border ecommerce – as well as providing some insights into what the ecommerce industry can expect from Black Friday in just a few weeks.
With this in mind, here’s our main takeaways from some of the biggest participants in Singles Day this year:
Tmall.com from Alibaba
- Running from November 1 -11, Alibaba’s 13th annual 11.11 Global Shopping Festival generated CNY540bn ($85bn) in gross merchandise volume (GMV) during the 11-day campaign – an 8% increase from 2020.
- A record 290,000 brands participated in 11.11 this year, of which 65% are small and medium-sized businesses, manufacturers from industrial belts and new brands.
- 78 brands grew from CNY10m in GMV last year to CNY100m this year, while 698 brands grew GMV from CNY1m to CNY10m over the same period.
- More than 45% of consumers that made purchases were born in the ‘90s and ‘00s. Consumers born in the ’00s increased by 25% year-over-year.
- More than 1.3 million new products were offered by over 29,000 overseas brands that participated via Tmall Global this year, with some 2,800 overseas brands joining for the first time.
- JD.com reported record-breaking transaction volume of CNY349bn ($55bn) during the single-day period on 11.11 – more than 28% increase from last year’s CNY272billion.
- 31 brands’ sales exceed CNY1bn ($160m).
- Apple’s sales exceed CNY10bn ($1.6bn). Transaction volume of iPhones surpassed CNY100m ($16m) 2 seconds after the sales began.
- More than 100,000 users made a payment with China’s CBDC eCNY on the JD app during 11.11.
- Xiaomi took a record-breaking CNY19bn ($3bn) on its platform between November 1 – 11 – an increase of CNY5bn ($780m) from 2020.