November 11 is Singles’ Day in China and the singular thing retailers are aiming for today is record sales. China e-commerce giant Alibaba has set US$8.18 billion (RMB50 billion) as its 2014 target of single-day transaction value for the November 11 online shopping festival, according to IDC.
The research firm believes Alibaba is very likely to achieve five percent more. “11.11” is not only a festival for Alibaba, online shoppers, and online retailers; it also changes consumers’ buying behaviour and impacts the evolution of the China e-commerce ecosystem.
“11.11” has become a special day for many Chinese consumers ever since Alibaba created this single-day online shopping festival in 2009. The total transaction value during last year’s “11.11” reached US$5.73 billion (RMB35 billion), which shocked Alibaba’s e-commerce competitors all around the world as well as the entire retail industry.
The performance of “11.11” this year will be of great importance to Alibaba as a newly-listed company and to the future of the China e-commerce market as a whole. A sales miracle will definitely encourage Alibaba’s investors and their business partners.
Moreover, IDC believes that the business innovations supporting this festival are likely to point out the future evolution trends of the China e-commerce market.
Even though the transaction value for last five years has witnessed a stunning growth rate, Alibaba Chairman Jack Ma is still ambitious enough to put Alibaba’s “11.11” single-day sales target to RMB50 billion this year.