Get ready for another shopping frenzy as Alibaba is about to launch this year’s 11.11 global shopping festival. It will be the largest shopping event ever in terms of scale and reach.
Over 180,000 brands around the world will participate in this ‘retail entertainment’ event. There will also be 200,000 smart stores across China boosting traffic to physical and online stores. If you’re located overseas, check out Alibaba’s partners such as Tmall World, Lazada and AliExpress. Lazada will host its first ever 11.11 Shopping Festival in Singapore, Malaysia, Thailand, Indonesia, Philippines and Vietnam.
Alibaba Pioneering 11.11
The first 11.11 was launched in 2009, which brought in $7.8 million in gross merchandise value (GMV). In 2017, the GMV rose to $25.3 billion. There were 802 million internet users at this Singles’ Day event, and 98% were on mobile.
This shopping phenomenon has become so big that other retailers are joining in the bandwagon. Have you noticed other retailers doing their own 11.11 events as well? Alibaba still reigns supreme as the pioneer of making retail-tainment an event everyone looks forward to.
The Convergence of Online and Offline Retail
Alibaba continuously upholds its goal of merging online and offline retail. The eCommerce giant is currently the top driving force for the world to see the possibilities of this convergence. Daniel Zhang, CEO of Alibaba Group, says that impressive results have been achieved in terms of digital transformation for both the merchants and customers.
Take for example the 200,000 stores powered by Alibaba’s Ling Shou Tong. They provide online sales promotions with augmented reality-based red packets that offer discounts at 2,000 Tmall corner stores.
What You Can Expect in 11.11
Consumers are looking forward to trending products offered in apparel, consumer goods, beauty products, automobile, and home décor that will be made available across channels.
Expect a steady growth of quality consumption by shoppers worldwide. It’s no longer about which items are getting cheaper and cheaper. An irresistible balance between affordability and quality is what makes customers hit the buy button. Strategic pricing of products is also a winning strategy for retailers to maximise profits.
What It Means for New Retail
New Retail was launched 2 years ago by Alibaba, and 11.11 is the event that showcases the progress of this retail innovation. Zhang emphasises that, together with Alibaba’s merchant partners, they have elevated the capability to serve customers and create a retail lifestyle that consumers look forward to.
Alibaba’s ecosystem has expanded well beyond eCommerce. It continues to be the precursor of the retail landscape’s evolution. Zhang also tells us that in the next five to ten years, the internet is going to change even further. Retailers need to be prepared for the next surge of innovations.
Learn more about how you can evolve with changing retail landscape at New Retail ’19. One of the most sought-after events at this summit is China and Beyond, where industry leaders will share their insights on how you can win in the Asian marketplace. Book now to secure your spot at this biggest retail gathering in Australia!