The biggest online shopping day of the year is coming up and it’s not Black Friday or Cyber Monday. For several years, consumers globally have spent more money online on Nov. 11 than any other day of the year. While consumers spent $6.6 billion online on Cyber Monday last year, China Singles Day racked up more than four times that much, mostly on the Alibaba platform. And, while U.S. merchants are rightly focused on U.S. consumers at this time of year, the opportunity represented globally, with Singles Day leading the way, is enormous.
China Singles Day began its commercial existence in 2009, making this year its tenth anniversary. The day serves as a reminder to E-commerce was born and thrives in the U.S. But, companies that risk reaching outside their borders with localized offerings to the markets they have identified as attractive can reap outsized rewards.
“With cross-border e-commerce in the U.S. expected to grow to $203 billion by 2021, Singles Day is a prime example of how much spending occurs outside of the U.S.,” said Steve Villegas, vice president of partner management for online payment provider PPRO. “American merchants have the marketing capabilities to position their brand in global markets; they just need to start offering local payment methods to ensure converted sales and succeed in global e-commerce.”
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