To people’s surprise, the top Chinese e-commerce service Taobao.com reported  the first hour of turnover reached 6.7 billion yuan and more than 25 million transactions in a single day, November 11th. November 11 might be Veteran’s Day in the U.S. and Remembrance Day in Canada, nevertheless it is “double sticks” day in China.

Firstly, let me introduce Taobao, since you may be unfamiliar with the top Chinese e-commerce service. Taobao is a famous Chinese website for online shopping. It is established in 2003 by alibaba group. On the website,  Sellers can post goods on the Taobao marketplace with fair price. What’s more, Taobao is a convenient platform for business and individuals to open online stores.  It is very similar to eBay, but less known in western countries. Because Taobao relies on the huge Chinese market deeply. In china, thousands of  investors regard Taobao as their new opportunities of success. In my view, it’s incredible that Taobao made a giant break through on today,  November 11th. It also shows a huge potential in Chinese e-commerce market, and undoubtedly, it plays an important role as a catalyst to Chinese economy.

Reference:

http://venturebeat.com/2012/11/13/chinese-online-mall-taobao-reports-3b-yes-billion-in-sales-in-one-day-infographic-in-chinese/