Online shopping is big – and it’s getting bigger.
Earlier this month, the world’s biggest e-commerce event kicked off in China, with the annual Singles Day sale. Conceived in 2009 as a day for Chinese people who did not have partners to send gifts to each other or buy gifts for themselves, this year’s Singles Day saw Chinese consumers spend, in 24 hours, one-third more than all Australian retail sales in a year.
Chinese e-commerce giant, Alibaba Group, said the thousands of retailers on its platforms booked 168.3 billion yuan ($33.7 billion), up 39% on last year, and a record. The splurge was 30% higher than Australian annual retail sales of $26 billion. More than 90% of the purchases – of anything from nappies to diamonds – were done on smartphones.