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Eros Erfe · · 2 min readSingles Day: started by 4 single guys, now makes sales up to $14.3b
They say inspiration comes from unexpected places, and the idea behind Singles Day (Asia’s biggest annual sale) is definitely a unique one. Who could have guessed that an anti-Valentines Day event, organized by four single university students, would eventually become a national phenomenon and multi-billion dollar annual event?
Long-running holidays like Valentines, Halloween, and Christmas have given online shopping sites boosts in their sales, so it’s very interesting to see such a recent event become so big.
One reason why this event was well received was because of its duration. Singles Day sales in China and Southeast Asia usually run for a month from November 11 (11.11) to December 12 (12.12), making it more than just a simple transaction.
Another reason for its success is its ability to connect with its market. With men outnumbering women in a population of over 1.37 billion people, Singles Day was not only timely, it was relatable.
Due to its success, Alibaba trademarked Singles Day and terms related to it such as Shuang Shi Yi (double eleven) in China. 11.11 has grown from a university tradition into Asia’s (if not the world’s) most successful annual sale, breaking records and surpassing the combined revenue of other annual sales like Thanksgiving and Black Friday in the US.
Resources: Statista, Bloomberg, Tech in Asia, iPrice, E-consultancy, E-commerceIQ.
Editing by Jaclyn Teng
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