Just eight minutes into Singles’ Day, Alibaba won the e-commerce holiday with $1 billion in sales. Similar to on Cyber Monday in the U.S., China’s e-tailers use November 11 to lure buyers with discounts and promotions. Consumers spent a totally of $9 billion on mobile and desktop shopping during last year’s holiday. And this year, they spent $2 billion on Alibaba’s platforms in less than twenty minutes after midnight.
With 61% market share, Tmall is the biggest B2C e-commerce platform in China. Surprisingly, global brands are just beginning to realize the importance of their presence on this retailer. Ninety-five percent of Personal Care brands have set up Tmall brand shops, according to L2’s Digital IQ Index: China Personal Care, and 14% of those have been opened in the past 18 months. Furthermore, not all brands in the study are using Tmall’s features to the fullest. For example, just 39% of brands on Tmall feature video and just 35% integrate a loyalty program on their Tmall pages.
For more on how global brands can work with China’s largest e-tailer, download a copy of L2’s Digital IQ Index: China Personal Care.