It’s a bigger online shopping event than Black Friday. It’s even bigger than Cyber Monday. Here in the United States, Singles’ Day is not quite a phenomenon — but there are a growing number of retailers looking to get in on the action.
The first Singles’ Day was held on November 11, 2009, as a celebration of China’s bachelors. Created by Amazon competitor Alibaba, Singles’ Day has evolved into a gifting occasion for everyone in China.
The growth of the event has been driven by Alibaba, which delivers live selling reports throughout the day via a large monitor outside company headquarters in Hangzhou. “The 11.11 Shopping Festival has become a global event, with international brands and retailers now participating and selling goods directly to Chinese consumers as part of this 24-hour consumer shopping phenomenon,” says Ken Ardali, director of international e-commerce business development at Alibaba Group EMEA.
Luxury brand aggregator Dealmoon.com is also looking to cash in on Singles’ Day. The company, with offices in China and the United States, bills itself as the “Kayak of luxury brands.” Unknown to most Americans, Dealmoon is one of the world’s leading cross-continent consumer buying sites, attracting 13 million shoppers each month and 450 million clicks last Singles’ Day.
Among U.S. retailers and brands hoping to tap the massive leverage of Dealmoon.com this 11.11 are a handful of well-known luxury department stores, a plethora of celebrated beauty brands and some of the hottest fashion and accessory brands.
On November 10 at midnight, Dealmoon will unveil a list of promotions — some of which include up to 80 percent off on the world’s most coveted brands and some site-wide discounts of up to 50 percent.
Last year Alibaba achieved $9 billion in sales on Singles’ Day, up from $5.8 billion in 2013. It’s no wonder U.S. businesses are looking for a slice of the pie.