China's Double 11 Shopping Festival: Online retailers break sales records as shopping gala starts
And there's something even more exciting than the latest electric vehicles. November 11th, also known as Double Eleven, is China's largest shopping event of the year. And this year is the 10th year of the iconic shopping gala. China's e-commerce giant Alibaba Group broke the 10 billion yuan sales threshold within the first two minutes and five seconds, that is 1.44 billion US dollars. Alibaba sales reached 14 billion US dollars within two hours, eight hours faster than last year. Meanwhile JD, one of China's largest online retailers, also reached 14 billion US dollars worth of orders last night. It got a head start by kicking off its sales promotions on the first day of November. Ahead of the online frenzy, a growing number of global brands developed different strategies to boost their sales. CGTN's Wu Lei spoke with some foreign companies to find out how they're looking to cash in.
Alain Durante is the CEO of a small but niche French cosmetics brand. At the just concluded China International Import Expo in Shanghai, he showcased a brand new product. Visitors were unable to purchase these samples at the booth but won't have to wait long, with the item ready for sale on November 11th.
ALAIN DURANTE, CEO FLORIHANA "We are using 5 e-commerce platforms, the experience and feedback is excellent because it is very easy to reach the end-users, and last year we saw about 38,000 orders on that day, this year we expect to double."
Like Mr. Durante, many are now working with different e-commerce platforms to launch some of their latest products, while others operate their own online stores offering discounts.
SEBASTIAN KRAUS, CEO BODYGUARDPHARM "We have our own e-commerce platform with our Chinese team in Shenzhen. It was amazing we had so many customers on that day. And for this year we prepare a lot of good promotion for our customers. It is amazing that you don't have anything like this in Germany."
Japanese electronics giant Panasonic has been participating in China's Double 11 for almost 10 years. Their strategy combines both traditional brick and mortar stores, and online platforms.
RAYMOND LI, TMALL MANAGER PANASONIC APPLIANCES COMPANY (CHINA) CO., LTD. "We hope to make better use of our stores so that the online and off-line resources can be integrated to offer the best service to our customers."
That means no matter where you go, some discount will always be waiting.
WU LEI SHANGHAI "You can scan this QR code to get a coupon. And with different promotion activities both online and at stores, many foreign brands say China's double 11 has re-shaped and innovated their marketing strategies, providing a boost to their global sales."
In recent years, Panasonic has been paying more attention to China's Double 11 shopping festival.
RAYMOND LI, TMALL MANAGERPANASONIC APPLIANCES COMPANY (CHINA) CO., LTD. "Recently we have had to report the preparation process each week. New ways of selling will be found and understood, and will be finally used to promote these strategies in the Japanese market."
This year marks the 10th anniversary of the Double 11 shopping festival. As China plans to import over 40 trillion US dollars worth of goods and services over the next 15 years, a growing number of small and medium global brands are using different methods to attract Chinese consumers on this special day and beyond. WL, CGTN, SH.