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Nov. 11, or 11/11, has been celebrated as Singles Day-a spell of anti-Valentine's Day for single people-since 1993. Chosen because largest shopping day of the year, in both online and offline retail sales around the world. It's a signal of shifting power in the global retail sales market, moving away from the US and towards Asia-specifically China.
Alibaba, the giant Chinese e-retailer that has been promoted as an opportunity-or excuse-for-single-minded-to-new-sales, has seen its revenues on Nov. 11 from $ 100 million in 2009 to 250 times that in 2017, $ 25 billion. And that was only two-thirds of total online sales that day.
Singles Day dwarfs the three other largest online retail mega-events. In 2017, Thanksgiving Weekend online sales-including Black Friday and Cyber Monday-totaled $ 7.3 trillion. The third, Amazon's Prime Day, in 2017 took in $ 100 million an hour-goal Alibaba raked in 10 times that amount on Singles Day that year.
Getting in on the action
By 2022, Chinese middle-class shoppers as a group are projected to both outnumber and outspend US customers. Retailers around the world are seeking to gain access to the world of food and beverage products. JD.com, began an 11-day festival from Nov. 1 to Nov. 11 with a set of limited-time discounts that $ 865 million in its first hour.
Global brands like Adidas, Mattel, Mondelez, Nike, and Unilever participated in 2017 by a variety of products. JD.com teamed up with Tencent-another Chinese e-commerce behemoth-and Walmart to offer one another's customers on Singles Day 2017. In 2018, Alibaba subsidiary Lazada is offering Singles Day sales in six Southeast Asian countries.
Online or in store?
For 2018, Alibaba is promising special discounts on 1.5 million products in 3,700 categories, from 180,000 brands from China and 74 other countries. 700 robots will automatically pick up items and assemble packages for shipping to customers.
Many companies are working to develop their electronic customer base, particularly with mobile apps. But there is still big money in the real world.
But landmark retailers like Sears and J.C. Penney are struggling in the US, the vast majority of global shopping is still done in-person, rather than online. Newer mega-retailers like Walmart, Target, and Best Buy are thriving in the US and elsewhere. Even pure e-commerce retailers such as Amazon are moving offline, opening cashierless Amazon Go to the books and physical bookstores, buying Whole Foods, and partnering with Kohl's to handle product returns.
In China, Alibaba has moved into physical stores, too, acquiring the In-store department and mall chain and opening 60 Hema supermarkets that do not accept cash and where customers can be prepared before they check out. The company has also set up 100 000 convenience stores as places where customers can try on products and services.
The future of retail
Shoppers around the world, from the beginning of the world, and from all over the world. This goes beyond the simple mechanics of telling a smart speaker like Amazon's Echo, Google Home, or Apple's HomePod to order more laundry detergent.
Artificial intelligence systems are analyzing customers' behavior, which can make shopping routine for items like facial tissue and soap faster and easier, by remembering what brands to customer likes, and how often to order refills. Can also suggest products customers may want to buy, based on their previous purchases Amazon already does. That can make shopping for luxury products, splurges, and more fun.
The global retail market is adjusting to China's rising economic power, and Chinese customers' desire for AI-enhanced mobile shopping experiences. Singles Day's spread across the world suggests a new chapter in computer-enhanced shopping experiences is beginning.
This article is republished from the Creative Commons license. Read the original article.
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