‘Singles day’ boosts Chinese e-commerce
‘Singles day’ 11 November saw Chinese e-commerce take in a huge 30 billion Yuan in online sales. The day celebrates the independence of being single, the anti-dote to Valentine’s Day, if you will.
The e-commerce sector is showing no signs of slowing down in China. China Daily newspaper cited that when Taobao was launched in 2003, there were very few players in the market and many specialized in selling secondhand goods. At the time, the e-commerce sector was only worth 13 million euros.
Today is a very different store. The sector is worth 1000 billion Yuan, equating to nearly 126 billion euros. The market has 83 million sellers, 214 million consumers and 150,000 companies working in e-services.
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