China's Singles Day online spend surpasses $2 billion in first hour
China's Singles Day is the world's largest online shopping day of the year and today it smashed online spending records yet again hitting more than $2 billion spent online in the first hour.
China's Singles DaysChina's Singles Day sales are expected to hit $8 billion this year
China's Singles Day is the world's largest online shopping day of the year and today it smashed online spending records yet again hitting more than $2 billion spent online in the first hour.
The opportunity for wine online in China is significant. John Watkins, chief executive at ASC Fine Wines said in an interview earlier this year with the Wall Street Journal: "In the traditional offline world of alcohol, wine makes up 5% of the total by value in China. In the online world, it makes up 34%."
The opportunity for wine retailers online trying to make head wine in China is potentially enormous, particularly on this day.
ASC Fine Wines are looking to ride the digital wave and invested heavily this year in "infrastructure launching three mobile applications and an anti-counterfeit label on every bottle of wine," according to the ASC Fine Wine website. The investment was potentially a profitable bet.
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China's biggest online shopping day of the year is today. |
According to the Financial Times, China's Single Day sales figures that have posted thus far show an increase of the use of mobile technology. The report said: "As of 2pm, 44% of the gross merchandise value - or total cost of goods sold - had come via sales made on smartphones, higher than the annual average."
According to Watkins, 80% of imported wine sales in China are made on Tmall. A majority of the wine sales online happen through Taobao and Tmall, both of which are Alibaba platforms. Last year's retail figures show that sales on during Single's Day attributed to 8% of all of last year's retail sales and 80% of all online e-commerce sales.
Today online retailers offered deep discounts on all products from fine French wines to even BMWs.
Alibaba is China's largest online retailer and its payment processing system AliPay reportedly was processing more than 38,000 payments per second at its peak today. More than 165 million orders have been placed so far today.
Alibaba smashed through last year's record breaking sales of $5.8 billion at lunch time in China and is closing in on $7 billion now. Analysts expect that sales will surpass $8 billion in a single day.
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