11/11 – they’re not just digits; they’re digits that will make your head spin.
Having started out as a non-commercial holiday celebrated among friends by eating 油条, or yóutiáo, a deep-fried twisted dough stick, Single’s Day is the world’s biggest shopping festival. Dubbed as an ‘’anti-Valentine’s’’ day celebration for single people in China, it has now spawned into the world’s biggest online shopping day in the world: Double 11.
Born in 1964 to parents who were Ping Tan performers (a regional musical art), Jack Ma is currently China’s second richest man with a net worth of $2.85 billion. Founder and Chairman of Alibaba, the Chinese online emperor spotted the commercial opportunity in Single’s Day and launched Double 11 in 2009. The online sales began to explode. From then on, there was no looking back.
The Alibaba-trademarked shopping festival saw consumers spend more than £500 million. As sales quadrupled in 2016, Alibaba’s platforms racked up $18 billion in sales in just 24 hours. More sales were made in these 24 hours than the U.S’s Cyber Monday and Black Friday sales combined!
The potential in this multibillion shopping event has encouraged retailers from across the globe to jump on board. Going beyond just price wars, this is also a litmus test of capacity and capability – storage, logistics and capitals.
This year, consumers will have access to over 60,000 international brands from around the world. Top online platforms are also looking to leverage their popularity outside of China by bringing over 100 domestic Chinese brands to international markets, targeting millions of overseas Chinese consumers in Asia and the rest of the world.
E-marketer analyst Andria Cheng predicts that ‘’Alibaba will most likely break another Single’s Day’s sales record this year as bargain-seeking Chinese consumers again flex their spending muscle and shrug off any concerns there may be about China’s slowing economy’’.
The promotions for the ninth Double 11 are on full swing. If you’re looking to bank on this opportunity to double your business growth, here are some Chinese vocabularies that will help you get there. These words will enable you to tap unfamiliar markets and grab better deals:
神券 – “Shen Quan” (“Magical Vouchers”) – These are vouchers that can be used to get more than 50% discount on products.
爆款 – “Bao Kuan” (“Explosive products”) – Products of extremely high demand, released at very low prices.
红包 – “Hong Bao” (“Red Envelope”) – Traditionally, the Chinese exchange monetary gifts at social and family gatherings in red envelopes. In an online context, “Red Envelopes” signify promotional giveaways.
秒杀 – “Miao Sha” (“Kill in seconds”) – A promotional event during which potential buyers go to a website and hit “order” at a specific time. The whole process takes mere seconds and discounts are offered on a first-come first-served basis.
开抢 – “Kai Qiang” (“Start Grabbing”) – A specific time during which “Red Envelopes”, “Magical Vouchers” and “Explosive products” are up for grabs on the platform.
Are you a business that offers online purchase to Chinese consumers? If yes, then Double 11 is a perfect opportunity for you to engage with the largest and fastest growing consumer class in the world.
This Double 11, Mystifly will be powering China with the best airfares from across the globe. Catch them before they’re sold out!