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The Double 11 Day, also known as Singles' Day, has become a global e-commerce juggernaut, with its Gross Merchandise Value (GMV) reaching an astounding $167 billion in 2023. This shopping festival, which began as a quirky celebration of singlehood on November 11th, has transformed into the world's largest online shopping event.
- The meteoric rise of Double 11 Day sales from a modest $0.01 billion in 2009 to $167 billion in 2023. This represents an incredible growth story in just over a decade, showcasing the power of Chinese consumerism and the country's advanced e-commerce ecosystem.
- China's State Post Bureau said on Sunday that China has set a new record by handling 639 million parcels on "Double 11" on Saturday, 1.87 times the volume on regular days and 15.76 percent higher than that of the same day last year. Between November 1 and Saturday, the volume increased 23.22 percent year-on-year.
- Traditional e-commerce platform declined and live-streaming commerce slowdown in 2023
- Traditional e-commerce ($136 billion) maintained a dominant sales share (81%) but experienced a slight drop (-2.5%)
JD.com said that the total viewers of its livestream services exceeded 380 million.
- Live streaming e-commerce growth slows to 17.8% in 2023, reaching $32 billion, following a remarkable 136.2% surge in 2022 Double 11.
- During 2023 shopper preferences demonstrated a polarization in spending, prioritizing essential products like tissues, handwash, instant noodles, and pet food, while reducing expenditures on discretionary items or larger purchases, such as home appliances and furniture. This shift indicated a heightened focus on value-based decision-making amidst changing economic conditions
The success of Double 11 Day reflects broader trends in China's digital economy, including the widespread adoption of mobile payments, sophisticated logistics networks, and the integration of social media with e-commerce platforms.
As this shopping festival continues to grow, it boosts China's domestic consumption and provides opportunities for international brands to tap into the vast Chinese market. The event has expanded beyond China's borders, with many Southeast Asian countries and global retailers now participating in this shopping extravaganza.
The Double 11 Day phenomenon demonstrates the innovative spirit of China's e-commerce giants and their ability to create cultural phenomena that drive significant economic activity. As the event continues to evolve, it will be interesting to see how new technologies and changing consumer behaviours shape its future growth.
