Holidays are joyous occasions for people to get together with their families and loved ones. In China however, these festivals are synonymous with huge discounts and shopping sprees. Chinese shoppers, in particular, respond strongly to special sales discounts by local and foreign businesses seeking to gain brand recognition and a larger share in the market.
The Chinese calendar includes many such holidays that are subject to peak spending by consumers.
In this article, we take a look at a few Chinese holidays that have a significant impact on e-commerce.
The Chinese New Year
The New Year is one of China’s most important holiday and is also referred to as the Spring Festival. Historically, such as occasion would see an exchange of gifts but with the advent of online shopping, such exchanges have reached new heights. Electronics, clothing, food, and beverages are the most common types of consumer purchases on this day especially by people who are unable to return home for the holidays; instead, resort to ordering and delivering it online.
Market giants such as JD and Alibaba scoop up the majority of consumers thanks to effective, country-wide promotions across multiple platforms. Last year’s spending reached $125 billion.
Singles Day or Double Eleven
Known as the brainchild of Jack Ma. It is undoubtedly China’s largest spending festival with dizzying sales revenue of $17.8 billion in 2016.
The day was named so to provide bachelors with a reason to celebrate single life (as opposed to Valentine’s). The e-commerce giant known as Alibaba originally began the festival 11 years ago on its own marketplace called Taobao and then Tmall.
Since then, the event has continued to get popular with each passing year. It is even referred to as Alibaba day with the firm trademarking the name “Double Eleven” to prevent competitors from advertising under the same name.
618 is the second-largest e-commerce festival in China after Singles Day. The date (June 18th) celebrates the founding of JD, another e-commerce giant.
The event is a response to Jack Ma’s Singles Day in November. The day is filled with plentiful promotion and considerable discounts across a wide range of products. Although it doesn’t record the same sales as Singles Day, in 2017, it managed to generate an impressive $17.6 billion in sales over a span of 19 days.
JD has witnessed a steady rise to 25 percent in the year 2016 as compared to an 18 percent market share in 2014 and looks to catch up to Alibaba in the coming years.
The Chinese calendar is market with many more such festivals which provide great business opportunities to both local and international e-commerce businesses. Contact us today to translate e-commerce website to Chinese and gain unlimited access to the industry and the consumers!