Double 11 shopping carnival
Double Eleven Shopping Carnival refers to the online promotion day of November 11th each year. It originated from the online promotion held by Taobao Mall (Tmall) on 11th November, 2009. At the time, the number of participating businesses and promotion efforts were limited, but The turnover far exceeded the expected effect, so 11th November became a fixed date for Tmall to hold a large-scale promotion. Double Eleven has become an annual event in China’s e-commerce industry and has gradually affected the international e-commerce industry.
On November 11, 2014, Alibaba’s double eleven-day trading volume was 57.1 billion yuan. After that, the annual turnover of double eleven shopping carnival is increasing year by year. The turnover on November 11, 2018 has reached 213.5 billion yuan.
Against the backdrop of the current downward pressure on the economy, the surge in footfall and the extremely large single day turnover of the “Double Eleven” shopping carnival show the huge potential of online consumption in China, which is the confrontation between traditional retail and new retail. The “Double Eleven” Shopping Carnival is a signal of China’s economic transformation, and it is a battle of the new marketing model against the traditional marketing model. With the successful breakthrough of 10 billion single day turnover, China’s retail business is undergoing “fundamental changes” : the online trading format has been transformed into the mainstream of China’s domestic demand.
In 2019, the trend of online and offline integration of Double 11 has further deepened. According to Ali’s statistics, Tmall’s “Double Eleven” related activities have more than 200,000 new retail stores and has achieved a final turnover of 268.4 billion yuan. Alibaba has achieved a higher turnover than in previous years.