China's Singles' Day shopping festival a bonanza for global customers
Initiated in 2009, the once-a-year "Double 11" shopping festival has evolved into one of the most awaited shopping events in China, and also a revenue bonanza for global brands, as more Chinese consumers choose to splurge on imported goods and services.
Data from Chinese e-commerce giant JD.com showed that on its first day of presales for the major online sales event, the value of orders for products on its global brands platform surged 178 percent year on year.
Another major market player Tmall said that more than 1,600 new overseas brands participated in the "Double 11" promotional activities for the first time, luring consumers with thousands of limited editions of new products.
On Sunday, Wan Lin, CEO of Cainiao Network, a global industrial internet company and the logistics arm of Alibaba Group, told media that during this year's edition of "Double 11", Cainiao is expected to deliver over 200 million parcels to customers' doorstep across the globe, hitting a new record.