The biggest shopping day in China is November 11. It’s known as Singles’ Day or Double-11. Let’s see what American companies think about this day and discover the most appropriate merchant loan for your business.
China’s Biggest Shopping Day & Merchant Loan
In 2018, Apple, Nike, and Adidas generated over $14 million apiece in Singles’ Day sales. This year, about 22.000 international merchants have decided to offer discounts and other deals, mostly online.
Based on a survey by the consulting firm AlixPartners LLC., 78% of Chinese respondents would reconsider buying American brands on Singles Day. Another survey reveals that over half of respondents have avoided purchasing American products.
What are you planning for the major shopping days this year? How are you going to further grow your business? In case you need access to working capital, just apply to a respectable alternative online lender in your field. A true business funding professional will approve you for the cheapest merchant loan for your business fast and easily.
American Companies & China’s Singles Day
China’s Singles’ Day was launched a decade ago by Alibaba Group Holding Ltd. It came as a celebration by consumers for being single. In 2018, over $30 billion was registered in sales over 24 hours.
This year, it was anticipated U.S. brands would experience some disruption caused by the consequences of the U.S.-China trade war on consumer sentiment. Over 200.000 brands are participating in the event this year, as Alibaba has reported.
By the way, $30.8 billion registered in sales in 2018 was up 27% from the previous year. Besides, it was more than U.S. retailers sold online on Black Friday and Cyber Monday taken together. This year, Alibaba is working on generating up to $15 billion in a secondary listing in Hong Kong soon after Singles Day.
Alibaba has reported that the sales for its 2019 Singles’ Day shopping blitz are already more than $30 billion at 4:31 p.m., thus providing a basis for the event to set a record in its 11thyear.Taylor Swift delivered the latest hits from her album “Lover” to fans in China on Nov. 10.
To sum up, Singles’ Day appeared as an “anti-Valentine’s” celebration for single Chinese in the nineties. Now, the world’s biggest shopping event reveals that Chinese shoppers still love America.
Author Bio: Michael Hollis is a Detroit native who now lives in Los Angeles. He is an account executive who has helped hundreds of business owners with their merchant loan solutions. He’s experimented with various occupations: computer programming, dog-training, scientificating… But his favorite job is the one he’s now doing full time — providing business funding for hard working business owners across the country.