Record-Breakers


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As flagged in last week’s All eyes on Singles Day 2020, Alibaba declared a new record of RMB467 billion for their Singles Day campaign ending at midnight on 11th November 2020 (a campaign which was extended to 11 days this year, having opened on 1st November) and still broke last year’s record (RMB 268.4 billion yuan) during the 24 hour shopping extravaganza on Singles Day itself, setting a new record of RMB372.3 billion.

Alibaba said its Singles’ Day campaign this year covers 2 million new products on its platforms, twice the number from last year. According to the SCMP “About 342 brands – including smartphone giants Apple, Huawei Technologies, Xiaomi Corp; sportswear vendors Nike and Adidas; and skincare specialists L’Oréal, Estée Lauder and Lancôme – each surpassed RMB100 million in GMV on Alibaba’s platforms as of 12:35am on Wednesday based on data from November 1. Some 13 brands each surpassed RMB1 billion in GMV during the same period”.

Of significant note is the shift toward online shopping which has taken a major leap forward in 2020. According to Accenture, “an anomaly named Covid-19 has had such a profound impact on all aspects of a consumer’s life that the rules of the game have changed much faster than anticipated. These shifts are having a major impact on shopping behaviour. We’re seeing the digital ‘shelf’ becoming the primary shelf, if not the only shelf, in some Asia-Pacific markets.”

It’s time for us baby-boomers to get with the program!


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