The 11th of the 11th is also known as 'Singles' Day' in China, and it's said to be the world's single biggest shopping event.
Originally started by a group of single college students to combat Valentine's day, Singles’ Day was first commercialised by online retail giant Alibaba in 2009. It's now a global event involving merchants from over 40 countries.
This year, $1 billion dollars worth of sales was posted in the first five minutes alone, and Australian businesses are also cashing in.
Beijing resident Gabby Liu spent eight years living in Australia and during that time developed a habit for eating Weetbix.
“My uncle and aunt would have it every morning and now I miss it here because I don’t see it in stores,” she said.
To get the “taste of Australia” she now orders the cereal online.
Sanitarium’s Weetbix is just one of the Australian products expected to fly off virtual shelves this Singles’ Day.
Sales of Weetbix in China sky-rocketed after its product placement in a popular television drama ‘Ode to Joy’.
Australian companies were the fifth-largest suppliers of foreign goods during the festival last year, which raked in a record-breaking $18 billion. This year's sales are forecast to top $28 billion.
Chinese workers prepare shoes for the November 11 Singles Day, Fuzhou city, east China's Jiangxi province, 10 November 2016. (AAP) Source: Imaginechina
But allegations of inflation surfaced earlier this week, with the country's regulatory watchdog warning large online retailers against inflating sales and promoting fake goods.
E-commerce consultant Bryan Carr told SBS Australian businesses still have a lot to gain from participating. His company SmartTrans helps Australian lifestyle products such as wine, health foods and beauty creams enter the Chinese market.
“It's a market that's crying out for high-quality products. Clean, safe products which epitomise Australia. So it's a great opportunity for Australian brands,” he said.
The rewards can be huge, according to Carr, but companies need to have a strategy as well as patience.
Realistically you've got to allow yourself six months to get a proper grounding in the market. When it takes off, it can just take off like a rocket,” he said.
A giant screen showing a total sales transacted of e-commerce giant Alibaba, on the "Singles' Day" global online shopping festival in Shenzhen, Nov. 11, 2016. (AAP) Source: AAP
Emma Zhang says not all Singles’ Day Sales are about products. Her Australian hotel group Argyle is offering 'party-of-one' pampering packages and Singles' Day mixer events to raise awareness of their brand.
“It’s not all about sales," she said.
"We're hoping for all our singles to have fun at our hotels, to meet one another at the hotel events and maybe meet the person they'll have a happily ever after with."
Share
