Online retailers in China are gearing up for an expected shopping fiesta on Nov 11. That's the unofficial, but hugely popular "Singles' Day" in China, when the country's bachelors and bachelorettes buy and give gifts online to comfort their lonely hearts.
Tmall, a major online retailing platform whose sister firm Taobao.com initiated the unofficial "Singles' Day" four years ago, is poised to capture the upcoming sales bonanza on Nov 11.
During last year's Singles' Day, Tmall and Taobao.com recorded a sales miracle of over 19 billion yuan, or more than $3 billion, three times the figure seen in the previous year.
"Vendors to participate at this year's Shopping Festival have doubled compared with the number last year. So far, products ready to be sold during this year's 'Singles' Day' have far outnumbered those of last year," Tmall's vice president Wang Yilei said.
Lured by huge market potential, other major online retailers are putting their weight behind this year's widely anticipated shopping spree, hoping to grab a lucrative slice of the cake.
"We are offering up to 80 percent off for more than ten million products from November 1st to 12th. This is the largest sales promotion in our company's history," said Li Xi, vice PR Director of JD.com.