China’s double 11 sales festival, also known as Singles’ day, is by far the biggest shopping festival globally. The 11-day festival eclipses AMazon’s Prime day and both Black Friday and Cyber Monday in terms of sales. Despite the coronavirus pandemic, this year’s edition turned out to be a big hit. According to data released by Xiaomi, it raked in 14.3 billion yuan (~$2.1 billion USD) during the 11 days shopping spree. Compared to 6.1 billion yuan (around 920 million USD) during the same period last year, this year’s revenue represents a whopping 134% increase YoY.
From November 1st to 11th, Xiaomi was able to set a number of new records. Xiaomi’s mobile phones, smart TV and other categories emerged as the top-sellers on multiple platforms such as JD.com, Tmall and Suning. Among them, Xiaomi smart TV brand ranked as number one on the TV category in both JD.com and Suning Tesco both ranked first in sales.
For this year’s Double 11, Xiaomi distributed 1 billion yuan in subsidies across all platforms which includes Xiaomi Mall, Xiaomi Home, Xiaomi Youpin, Tmall, JD.com, Suning and others. The subsidies and discounts cover all major Xiaomi product brands including smart TV, notebooks and AIoT products, covering all major brands under Xiaomi Category.
It is worthy of note that Xiaomi has been the top brand on Tmall’s singles’ day sales for seven consecutive years, that is since 2013.
Alibaba, the originator of the Singles’ Day shopping festival, posted sales to the tune of a staggering $74 billion USD in its post-COVID-19 Singles’ Day shopping extravaganza, according to a report by Reuters.
Apart from Alibaba, rivals e-commerce firms such as JD.com Inc and Pinduoduo Inc as well as firms such as Douyin – the Chinese version of Beijing ByteDance Technology Co Ltd’s TikTok – also held Singles’ Day events. JD.com, which started promotions on Nov. 1, said it generated 271.5 billion yuan (~$4.09 billion USD) in trade over the same period.
ALWAYS BE THE FIRST TO KNOW – FOLLOW US!