Home Business China’s “Double 11” online shopping festival signposts huge consumption market

China’s “Double 11” online shopping festival signposts huge consumption market

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By Wang Ke, Luo Shanshan, People’s Daily

Singles’ Day shopping festival that falls on Nov. 11 each year, also known as “Double 11”, is one of the most anticipated date of the year for China’s consumers.

This year, “Double 11” transaction data delivered by major e-commerce platforms in China still kept an upward trend, signaling the huge potential of the Chinese consumption market.

E-commerce giant JD.com said transaction volume on its platform totaled 349.1 billion yuan ($54.6 billion) during the Single’s Day period, and the figure exceeded what the company had witnessed last year. In particular, the value of household appliance orders placed on the company’s platform surpassed 2 billion yuan in the first five minutes after 20:00 pm on Nov. 10.

Tmall, online marketplace of Chinese multinational Alibaba, reported gross merchandise volume of 540.3 billion yuan during the annual online shopping spree.

A number of small- and medium-sized brands achieved leapfrog growth on the platform. A total of 698 such brands that racked up over one million yuan during last year’s “Double 11” witnessed their turnover hitting 10 million yuan in the first 11 days of November this year.

Li Zhengbo, an expert with the China International Electronic Commerce Center, an institute under the country’s Ministry of Commerce, noted that the sales promotions represented by the “Double 11” have become important shopping events recognized and accepted by many consumers. The “Double 11” not only demonstrates the huge potential of China’s consumption market, but also will further boost consumer confidence, the expert added.

The sales performance of agricultural products was a highlight of this year’s “Double 11,” as e-commerce platforms both expanded sales channels of these products and improved farmers’ income. For instance, apples directly sourced from Gansu province, were sold out immediately after they were placed on Taote (Taobao Special Edition) , an e-commerce platform of Alibaba. On JD.com’s platform, the sales of king crabs surged 600 times from a year ago, and that of kiwifruits produced in Xiuwen, southwest China’s Guizhou province also grew tenfold.

Just minutes after JD.com officially started the “main course” part of the online shopping spree on the evening of Nov. 10, a man surnamed Lin in Weinan, northwest China’s Shaanxi province got a box of kiwifruits he ordered on the company’s platform. It was the one millionth order received by the JD.com smart supply center in Wugong county, Shaanxi province since the center started trial operation.

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