Monday , October 25 2021

Chinese version of CyberMonday with 12.3 thousand ME purchases in the first two hours – Economy



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The day of online rebates in China once again received great attention and attention from Chinese giant e-commerce Alibaba, which has transformed an unofficial holiday for people without romantic partners into a true annual award for digital companies.

A huge display at the Alibaba gala in Shanghai showed the increase in sales in real time: two minutes and five seconds after midnight, purchases worth 1.26 billion euros had been made only on the Alibaba platform. An hour and 47 minutes later, that number increased tenfold.

Singles Day began as an event celebrated by Chinese university students in the 1990s. In Chinese, it is called Double 11 (date and month of the year). The makeshift holiday has already been adopted by digital trading companies and transformed into the Chinese version of `Cyber ​​Monday` – the busiest day for online shopping in the United States.

Chinese e-commerce platforms have been criticized over the years for selling low-quality and counterfeit products.

Hong Tao, a professor of economics at the Beijing University of Technology and Business, said that "Singles Day" encourages buyers to give priority to prices over quality, often buying what they do not need.

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Topics:

Alibaba, CyberMonday, Shanghai,

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