November 11th, an ordinary day in Canada, but not a usual day in China. 11.11 is a date which is considered as “Single Day” in China, because the number”1″ is always single. As a result, the online shopping website Taobao made a marketing strategy to make a big sale on every 11.11. From Zijian Mao’s blog, it was talked about the effectiveness of the online shopping festival, “Just 55 seconds after 12 p.m., the sum of business transaction is over 100 million RMB and the whole day’s business transaction is more than 6 billion dollars!” From my perspective, it was an amazing data for online shopping. Moreover, there is not only great discounts and shipping from taobao, but also the finical strategy from its prospects. Actually, they have improved the normal price before 11.11, then they just made 50% off from the improved price. So they just making easy money from customers who thought it was on a big “sale”. Also, I think the company Alibaba is doing more than that. More specifically, they are also making a online banking system. They split the member’s paying accounts into 2: one is pure paying account; while the other is an investment account with 4.67% yearly interest. (10 times higher than banks)
https://blogs.ubc.ca/zijianmao/
http://finance.sina.com.cn/money/bank/dsfzf/20131115/023017328189.shtml