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Taobao turns China’s Singles Day into online shopping frenzy – Retail in Asia

Retail in Asia

In Trends

Taobao turns China’s Singles Day into online shopping frenzy

There was excitement but a little heartache too for millions of bargain hunters last Saturday as China’s Singles Day evolved into what is probably the world’s biggest online shopping event.

The 50,000-plus merchants on Alibaba’s consumer-oriented Tmall.com took in CNY13.2 billion (USD2.1b), the company said, after discounts of at least 50 percent were promised on a massive range of goods. Sales on Alibaba’s Taobao marketplace took the 24-hour total to CNY19.1b.

The Tmall total was more than three times the amount raised on the same day last year and more than double the amount Shanghai retailers took during last month’s week-long National Day holiday.