It’s nearly the middle of November, which means holiday decorations will start appearing in stores and in homes in your neighborhood. This also means that online retailers are getting ready for the craziness of holiday shopping. We just had Singles Day in China this week, and in 2 weeks Black Friday and Cyber Monday are coming up. After that the Christmas shopping spree begins. Retailers are going to be looking at increased traffic on their sites and possibly a significant boost in sales. Of course for all the customers the best thing about the holiday season is the holiday sales so be sure not to miss some amazing discounts.
Now onto the news :)
Alibaba crushes records, brings in $14.3 billion on Singles Day
So this week was Singles Day in China, a holiday to celebrate Singles now turned into a retail holiday, something like Cyber Monday in the States. As you can imagine when the discounts started on Alibaba all hell broke loose. It took Alibaba only 8 minutes to make $1 billion from online sales. The company continued to break its own records by hitting $5 billion in 90 minutes and finally raking in an astonishing $14.3 billion by the end of the day. Another impressive figure is that 68.67% of the purchases were made through a mobile device. Furthermore, the company’s payment service Alipay handled 710 million payments, with nearly 86,000 payments per second at peak times. China’s biggest eCommerce retailer continues to dominate it’s domestic market and attracts more and more international clients.
Cyber Monday Set to be Bigger Driver of Online Holiday Sales
Thanksgiving is right around the corner and that means stores are getting ready for Black Friday, and online retailers are preparing for Cyber Monday. According to Forrester the holiday is going to start on a good note for eCommerce stores. The research firm expects online sales to rise 11% in November and December. Amazon, Ebay, Walmart and Best Buy are just a few online retailers who are set see a boost in sales the coming 2 months. Cyber Monday is becoming the international shopping day. Yet it’s still a bit behind Singles Day in China.
How Revolve Became the Biggest, Trendiest, Most Profitable E-commerce Startup You’ve Never Heard Of
Have you heard of Revolve? The fashion retailer that is estimated to sell $400 million worth of women’s apparel. Though the company isn’t that well known worldwide, it is apparently very popular among 20-something year olds who are into fashion. The company that started in 2003 now has grown to 500 employees and seems to be a trend setter in the female fashion industry, as well as a very successful eCommerce retailer. Yet not many of us have heard about the company, if you’re wondering why, check out the article on Fortune.
Apple May Launch Venmo Competitor
Apparently Apple looks to join the race for mobile payments services. They are said to be talking with banks about linking the service with the banking systems. The service would be somewhat of an extension to Apple’s current mobile payment system, Apple Pay. Apple Pay currently works with Visa, MasterCard, American Express and other credit card providers. Linking with banks would allow Apple users to transfer money from one bank account to another from their device, using the new service.
Shopify’s New App Sello Allows Anyone To Create An Online Store From Their Phone
Shopify has launched a new app called Sello. The app is meant to simplify the selling process of business and individuals. The app allows the user to take a picture of the product on their phone, add a description and shipping terms and post it on the app. The app also allows easy promotion of the product through social media such as Twitter, Facebook, Instagram, Pintrest etc. This is an impressive move by the eCommerce service provider as it’s somewhat entering the social commerce industry which is starting to see increasing interest the past couple of months. It will be interesting to see how the app performs and whether it will be as successful as the Shopify hopes.