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Singles' Day (11.11)i

Latest news and updates on China’s Singles’ Day, which is the world’s largest online shopping festival. Held on November 11 every year, the annual event is seen by many as an important barometer for economic health. In 2019, online shoppers in China spent a whopping 410 billion yuan (US$60.4 billion) in 24 hours – double what Amazon generates in an entire month.
 

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The nation is firmly on track to overtake the United States as the world’s leading retail market and a further opening up of the economy, as promised by President Xi Jinping, will benefit all

  • Both JD.com and Alibaba’s Taobao this week added a new ‘refund only’ policy to their respective platform rules
  • The two e-commerce giants are taking a leaf out of the playbook of rival Pinduoduo, which has had that policy in place since 2021

Parcel deliveries reached a new high of 120 billion items this week, up 8.5 per cent from all of 2022, as e-commerce sees strong third-quarter recovery.

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China’s smartphone market saw a 5 per cent bump in sales volume during the Singles’ Day shopping festival, driven by demand for handsets from local tech champion Huawei.

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Two of China’s largest e-commerce platforms have reported growth in sales and order volume during the world’s largest shopping festival, but did not disclose exact sales numbers.

China’s e-commerce giants are counting on bargain-basement prices in their Singles’ Day campaigns to woo consumers who are reluctant to spend in the current uncertain economy.

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Consumers are more cautious after a rough few years thanks to the pandemic, then a cost of living crisis exacerbated by Russia’s invasion of Ukraine.

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But business academic Terence Chong warns that Singles’ Day sales will not boost profits of retailers if people opt to buy from mainland Chinese merchants online.

Pinduoduo sees jump in year-on-year sales during Singles’ Day promotion, although consumers are more focused on essential items amid slow economy.

JD.com said its user orders and overall transaction volume grew over four times last year’s figures within 10 minutes of its promotion’s start on Monday. Its campaign runs through November 13.

Apple’s new iPhone 15 handset is being discounted on Chinese e-commerce sites in the run up to Double 11 sales festival and amid stiff competition from Huawei’s Mate 60 Pro.

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China’s e-commerce giants are gearing up for the world’s largest online shopping season that kicks off next week, counting on bargain prices to woo penny-pinching consumers.

Cainiao and JD Logistics have both stated their ambitions to build robust global delivery networks, with Hong Kong acting as an important hub.

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As China’s retail growth sputters, the country’s e-commerce operators are racing to beat rivals with better bargains in the annual online shopping extravaganza.

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Apple overcame iPhone supply chain disruptions in China to reach its highest ever quarterly global smartphone market share at 25 per cent, as overall shipments last year declined 11 per cent.

That decline in China marked the biggest percentage drop among the world’s major semiconductor markets, as economic headwinds continued to hammer worldwide chip sales.

An abrupt rollback of coronavirus control measures in China has done nothing to boost enthusiasm for the first major online shopping event after China eased its pandemic measures.

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Pinduoduo’s jump in revenue contrasts with tepid growth for other players, reflecting changing behaviour of Chinese consumers as economy takes a turn for the worse.

Alibaba said its Singles’ Day gross merchandise volume was in line with last year, while rival JD.com said its promotion this year achieved ‘record-breaking’ results.

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While down on pre-pandemic years, Singles’ Day sales in Taiwan look better in 2022 than last year, according to analysts and some e-commerce sites, as Covid curbs ease and wages hold up.

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Covid-19 and being stuck at home in quarantine helped boost the popularity of items like facial spa machines and carpet cleaners during this year’s Singles’ Day festival.

Major smartphone vendors Apple, Xiaomi, Honor and Huawei are waging a price war at the world’s largest shopping festival, hoping to revive the weak domestic market.

A slowing economy amid Covid-19 controls have not deterred Chinese consumers from chasing deals from foreign brands on Alibaba’s Tmall, providing a rare bright spot in a lacklustre Singles’ Day shopping festival.