Payments Spectrum
Sunday, 12 November 2017 | P2

中 광군제에 한국제품 5위 ‘선전’…하루 매출 28조원
In China, November 11th is celebrated as Singles’ Day.
Once an occasion for unattached people to commiserate, it’s become a retail bonanza like America’s Black Friday, only bigger.
This year it’s set yet another record in terms of sales,… and Korean companies got a decent share of the action.
Our Park Hee-jun has the details. China’s Singles’ Day has surprised the world once again.
Year after year, the Chinese e-commerce giant Alibaba breaks its own sales record on November 11th,… the world’s biggest retail event.
Last year, it processed sales worth 17-point-8 billion US dollars, which this year has grown to an astounding 25-point-4 billion.

It’s not just consumers from China but almost every country in the world buying things ranging from shoes and clothing, to liquor, electronics, and diamonds,… at a rate of 256-thousand transactions per second.
As soon as the event began at midnight, Alibaba’s live sales ticker registered sales of a billion dollars within 3 minutes.
And in just one hour, the sales ticker registered 10 billion,… reflecting the enormous purchasing power of Chinese consumers.

This year, in terms of China’s purchases from abroad, Korea was the country with the fifth highest sales, following Japan, the United States, Australia, and Germany.
Korean distributors, including cosmetics companies, domestic airlines, department stores, and duty-free operators,… carried out active online promotions ahead of Singles’ Day, mainly to make up their losses from China’s unofficial sanctions against them.
Among the Korean retailers, E-Land Group posted the highest sales during the 24 hour period, with over 68-and-a-half million dollars.
Although Korea ranked two places lower than it did last year,… it’s considered a positive result that signals a slow recovery in the distribution sector.
Park Hee-jun, Arirang News.

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ARIRANG NEWS
Published on Nov 12, 2017

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