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To this day, Double 11 is the biggest and busiest online shopping carnival in China every year. As sales increase every year and more and more companies sell online, online shopping will become more and more popular in the future.
The history of Double 11
In mid/late 2009, Zhang Yong, the president of Taobao Mall, and his team planned an online shopping festival to expand the Taobao Mall brand and happened to choose the day “Double 11”. They chose November because this day is exactly in the middle of the National Day Golden Week and Christmas promotion season, and it is the time when people buy winter clothes for the New Year.
Although there are no celebrations in November, there is only 11.11, which netizens jokingly call “Singles Day”. Singles can spend time shopping when they have nothing to do.” Before 2009, Nov. 11 was an ordinary day. By 2012, it had become a major shopping festival and battleground for online retailers, platform providers, and logistics companies.
The first Double 11 on the Taobao platform had a sales volume of only 50 million on that day, and only 27 companies participated in the event. In the following years, the annual trading volume of Double 11 has grown rapidly. 35 billion in 2013, 57.1 billion in 2014, 91.2 billion in 2015, and 120.7 billion in 2016, 168. 2 billion in 2017 and 2018, that is, the turnover of Taobao’s Double 11 daily platform reached 540.3 billion yuan in 2021.
Later, the “Double 11” became synonymous with the e-commerce consumer festival, and even has some influence on non-online shoppers and offline shopping centers.
China’s vibrant economy, high national savings rate, growth of the express delivery industry, and mingling with Chinese bargaining culture have favored the original “Double 11” phenomenon in China.
“Double 11” has evolved from an advertising campaign with feedback to users promoted by e-commerce to a shopping festival celebrating carnival together online and offline, and has even expanded to the global market to achieve the goal of global buying and selling. The sales of “Double 11” have also increased rapidly year by year. In addition, the “Double 11” activity is now no longer limited to one day, but the cycle has gradually expanded.
However, with the advent of Douyin’s live e-commerce, the days of concentrated e-commerce like “Double 11” are slowly coming to an end. Now there are too many main players holding different celebrations every day. In fact, they still sell goods to attract more and more people to the live studio. The “double 11” e-commerce festival launched by Alibaba is gradually becoming a thing of the past.
Nowadays, people’s consumption is becoming more and more rational, and they are no longer “impulsive buying” to purchase a bunch of non-essential goods and regret it afterward.
This year, Double 11 is just around the corner again. Will you invest in special Double 11 promotion offers for your products?
Source :TolmaoGroup, Taobao
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