Feeds

Chinese shoppers spend £100 MEEEELLION online in SIX minutes

World's biggest singles party sees lots of out of pants action ... for credit cards

Gartner critical capabilities for enterprise endpoint backup

The world’s biggest online shopping day got off to a flyer on Monday with Chinese e-commerce giant Alibaba recording 1 billion yuan (£102.5m) in sales on its Tmall site in the first six minutes alone.

The 11.11 sales were first dreamt up back in 2009 as a way for merchants on the B2C site to make more money in the lull between the Chinese autumn festival holiday period and Christmas.

The date, for obvious symbolic reasons, is also known as “Singles Day” – a quasi-holiday for the country’s young single folk to celebrate their loneliness by organising parties and spending their hard-earned yuan in shops and online.

The day is already tipped to be a belter, with sales taking just six minutes to hit the 1bn yuan mark, as opposed to the 37 minutes it took last year, Alibaba said in a blog post.

The 11.11 sales in 2012 became the biggest shopping event in the world when over 19bn yuan (£1.9bn) was spent online, beating the $1.25bn (£781m) on Cyber Monday 2011 in the US.

According to Alibaba, domestic smartphone maker Xiaomi was among the first companies to hit 100m yuan (£10m) last year.

China’s leaders want the country to lead the world in e-commerce by 2015 with 18 trillion yuan (£1.8tr), which will require a quadrupling of sales from the 4.5 trillion yuan pulled in back in 2010.

A PwC report last year found that Chinese shoppers are twice as prolific online as their counterparts in the US and UK, with increasing numbers using mobile and social channels to purchase, demanding more from retailers' IT systems. ®

The essential guide to IT transformation

More from The Register

next story
Kate Bush: Don't make me HAVE CONTACT with your iPHONE
Can't face sea of wobbling fondle implements. What happened to lighters, eh?
Video of US journalist 'beheading' pulled from social media
Yanked footage featured British-accented attacker and US journo James Foley
Caught red-handed: UK cops, PCSOs, specials behaving badly… on social media
No Mr Fuzz, don't ask a crime victim to be your pal on Facebook
Ballmer leaves Microsoft board to spend more time with his b-balls
From Clippy to Clippers: Hi, I see you're running an NBA team now ...
Online tat bazaar eBay coughs to YET ANOTHER outage
Web-based flea market struck dumb by size and scale of fail
Amazon takes swipe at PayPal, Square with card reader for mobes
Etailer plans to undercut rivals with low transaction fee offer
Assange™: Hey world, I'M STILL HERE, ignore that Snowden guy
Press conference: ME ME ME ME ME ME ME (cont'd pg 94)
Call of Duty daddy considers launching own movie studio
Activision Blizzard might like quality control of a CoD film
US regulators OK sale of IBM's x86 server biz to Lenovo
Now all that remains is for gov't offices to ban the boxes
prev story

Whitepapers

5 things you didn’t know about cloud backup
IT departments are embracing cloud backup, but there’s a lot you need to know before choosing a service provider. Learn all the critical things you need to know.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Build a business case: developing custom apps
Learn how to maximize the value of custom applications by accelerating and simplifying their development.
Rethinking backup and recovery in the modern data center
Combining intelligence, operational analytics, and automation to enable efficient, data-driven IT organizations using the HP ABR approach.
Next gen security for virtualised datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.