Taobao and Tmall, which are two main platforms of Alibaba Group Holding Ltd., which is Chinese largest e-commerce company. On Nov 11th, known as Single’s Day in China, Taobao broke the one-day sales record by more than 80 percent for a full period of 24 hours. The online sales topped 35 billion yuan($5.75 billion), and they are from retailers of all sizes across the entire country.
The reason for this kind of “crazy” incident is due to promotions on internet and fueling demand on China’s biggest online shopping day the Single’s Day, a local twist on Valentines Day. Another reason is that as smartphones have become extremely widespread across the country, mobile commerce has started to play a very large role on this day. Last year, in the full 24 hour period of Single’s Day, the entire mobile commerce based income was $158 million, whereas, it has been beaten in this year. Alibaba is the owner of Taobao and now is in charge of creating what is now becoming the Chinese version of “Black Friday”. Taobao has done a very good job on promoting and becoming nationally renowned during recent years. Therefore, the marketing strategy of China’s Single’s Day wins such a huge success.
Resources:
http://www.qrcodepress.com/mobile-commerce-taobao-breaks-shopping-records/8524211/