Here's A Quick Primer On Singles Day - The Cultural Phenomenon Sweeping Across China
Five years ago, Alibaba Group Holding Ltd (NYSE: BABA) was looking to create buzz of its online offerings. They threw a dart to a calendar and it landed on November 11. This led to China's version of Cyber Monday, colloquially known as "Singles Day."
China's nascent Netizens and online vendors jumped at the opportunity to create buzz; over time, November 11 become the most important day for Chinese consumers to purchase online.
This capitalistic phenomenon, in a communist country, has taken many by surprise. In 2009, Alibaba alone transacted more than $100 million in sales through its payment channel vendor, Alipay.
By 2013, sales transactions exceed $6 billion, a whopping 5,900 percent increase. To put that in perspective, Cyber Monday yields just a tad under $2 billion.
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