BEIJING, Nov. 10, 2016 /PRNewswire/ -- China'sSingles Day shopping fest, also known as Shuangshiyi (or 'Double Eleven', since it takes place on November 11), is the world's biggest online shopping frenzy, last year achieving unprecedented success in terms of sales, participation rate, customer engagement and media influence.
Company data put the total gross merchandise volume (GMV) on Alibaba's shopping platforms at a record-breaking $14.3 billion ( RMB 91.2 billion) in 2015, outpacing 2014's $9.3 billion ( RMB 57.1 billion) by a dramatic 60%. This year should be bigger still - but by how much? "I expect lower growth this year, in the range of a 30-50% increase over last year," says Teng Bingsheng, Associate Professor of Strategy at the Cheung Kong Graduate School of Business (CKGSB) in Beijing. "If so," he adds, "it will still be a great achievement." Already significantly bigger than the US shopping festivals of Black Friday and Cyber Monday combined, Singles Day was first invented by Alibaba's Tmall in 2009 and has since grown exponentially, especially as rival companies like JD.com and Suning have joined the fray. But can Alibaba ever hope to "reclaim" this event as its own? "To some extent, people remember that Alibaba initiated the 11.11 shopping festival," says Teng. "However, other brands are quickly gaining their fair share as well. But as long as the whole pie - and Alibaba's own business - both get bigger, it's still good news."