SYRACUSE, N.Y. – As the retail industry’s brick and mortar stores continue to struggle against the growing online shopping trend, commercial real estate is now facing new financial challenges. In the wake of a recent report that DestiNY USA, a…
Mobile Commerce Likely to Grow This Singles’ Day, Sales Expected to Top $25 Billion
With Singles’ Day – a shopping event first introduced by Alibaba 10 years ago – quickly approaching, retailers are gearing up for even more sales during the shopping blitz.
Ray Wimer is an assistant professor of retail practice at Syracuse University’s Martin J. Whitman School of Management. Professor Wimer says Singles’ Day sales may top $25 billion this year, despite the still little-known awareness in the U.S. about the shopping day.
“Singles’ Day takes place on November 11, a date that reflects being just one person and was started as a day to celebrate being single in Asia-Pacific…a reverse Valentine’s Day if you will.
“Sales on November 11, 2017 were $25.4 billion and are expected to be greater this year. Mobile shopping, or m-commerce, dominates the day in how people shop. This is very significant as e-commerce shopping is seeing the largest growth in m-commerce across the world.”
“It’s now one of the world’s largest shopping day with people from over 220 countries taking part. But according to eMarketer, only 7% of the U.S. population is aware of Singles’ Day. This one-day event dwarfs the U.S. spending in the period between Thanksgiving, Black Friday, and Cyber Monday combined.”
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