For the first time in 12 years, the eCommerce giant Alibaba is expanding the Global Shopping Festival, which is one of the largest retail events in the world and takes place annually on November 11th in two phases with the start of advance sales on October 21st.
11 months after the outbreak of the corona virus in Wuhan, the expansion of the Global Shopping Festival is a sign that life in China has returned to normal, said Amie Song, Senior Research Specialist at Gartner. However, after-effects are still being felt, as the brands aim to double their numbers on Single Day to recover from the pandemic, added Xiaofeng Wang, senior analyst at Forrester.
Alibaba expects 250,000 brands and 800 million shoppers to participate, according to Wang, as well as 5 million third-party sellers, as Alibaba has specifically targeted small and medium-sized businesses, including those in the United States. That means that unlike Black Friday and Cyber Monday, Alibaba would manage to hit a new record of $ 38.4 billion this year.
Singles Day was founded in 1993 as an anti-Valentine's Day movement and against the backdrop of the pandemic, China’s consumers are actually very happy to go on big shopping tours.
Link to the original article:
https://www.adweek.com/tv-video/singles-day-2020-record-revenge-shopping-china/
Bildquelle: Getty Images
