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Also known as “Double 11”, Singles’ day began in 1993 at Nanjing University, where students created a day to celebrate singles. hashtag#Alibaba was the first to recognize its potential. Therefore, in 2009 the company boosted sales by introducing a 24-hour shopping festival with huge discounts on that day. The rest is history.
This year the major players have already launched their grand promotions, with the biggest sales peak expected on November 11th.
While searching for the best deals, check out these key takeaways from last year’s Single’s Day:
According to the 2023.11.11 sales data report by Syntun, the combined GMV value of the leading e-commerce platforms hashtag#Tmall, hashtag#JD. com, and hashtag#Pinduoduo has reached 923.5 billion RMB (129 billion USD).
#Livestreaming e-commerce is gaining market share. As Jing Daily reports, the use of AI anchors and influencers has played a significant role in this trend.
Despite being a massive shopping event, trends indicate flat growth in Single’s Day e-commerce sales, likely due to the economic slowdown in the Land of the Red Dragon.
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