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.