It only took seven minutes for sales during this year’s Singles’ Day in China to hit $1 billion, and peak order volume, during the first house, hit a record-breaking 175,000 orders per second.
The scale of the one-day shopping event, centered around Alibaba’s shopping platforms Tmall and Taobao, has been magnetic to fashion brands hoping to boost overall revenue and connect with the Asian consumer. (While it originated in China in 1999, it has since expanded to include Hong Kong, Taiwan and Macau as well.) Even though discounting products and participating in a day associated with frantic bargain shopping might oppose the ethos of luxury brands, Singles’ Day has simply become too big to resist.
To read the rest of this story, please visit Glossy.
More in Marketing
Hyve Group buys the Possible conference, and will add a meeting element to it in the future
Hyve Group, which owns such events as ShopTalk and FinTech Meetup, has agreed to purchase Beyond Ordinary Events, the organizing body behind Possible.
Agencies and marketers point to TikTok in the running to win ‘first real social Olympics’
The video platform is a crucial part of paid social plans this summer, say advertisers and agency execs.
Where Kamala Harris and Donald Trump stand on big tech issues
The next U.S. president is going to have a tough job of reining in social media companies’ dominance and power enough to satisfy lawmakers and users, while still encouraging free speech, privacy and innovation.