Originally dubbed Singles day by 4 university students, 11.11 has transformed into one of the world’s largest shopping festivals.
In 2009, Alibaba launched the first 11.11 shopping festival, generating RMB 50 million in GMV despite a website crash. Since then, it has grown massively, and today, 11.11 spans several weeks instead of just one day.
But has 11.11 lost its charm? Tune is as we explore why Chinese platforms stopped reporting GMV, how the festival’s expansion impacts consumer behavior, and whether the rise of frequent sales like 7.7 and 12.12 has led to “sale fatigue.”
Are shopping festivals still relevant, or have they lost their significance in today’s competitive ecommerce landscape?
P.S. Did you know Taylor Swift kicked off Alibaba’s 24-hour 11.11 shopping event in 2019?
Chapters:
00:00:15: The beginnings of 11.11
00:05:00: How Alibaba turned 11.11 into a shopping festival
00:09:00: Why companies stopped announcing GMV
00:12:00: Has 11.11 lost its meaning?
00:18:00: What does this mean for retailers?
Featured materials:
Behind the Labubu craze: PopMart business explained | Impulso E103:
https://youtu.be/PLIq2UkvgwA
Commentary: What’s behind the rise of Chinese e-commerce platform Temu in the US?, CNA:
https://www.channelnewsasia.com/commentary/china-e-commerce-shopping-app-temu-shein-tiktok-us-amazon-4245901
What 11.11 Singles’ Day sales no longer say about China’s economy, The Lowdown:
https://thelowdown.momentum.asia/what-11-11-singles-day-sales-no-longer-say-about-chinas-economy/
