REPORT | It’s easy to get carried away with big statistics when discussing China, but one story illustrates just how quickly the Chinese e-commerce market is sweeping all before it.
The biggest 24-hour period for e-commerce shopping in the US – Cyber Monday – generated impressive sales of $2.29 billion in 2013. But by just 1:04 pm on Single’s Day, 2013, a Chinese celebration for bachelors and breaking the previous year’s record and spending $3.1 billion.
Single’s Day is a good illustration of just how rapidly the Chinese e-commerce juggernaut is rising. By 2020 the market is estimated to be worth more than the US, UK, Japan, Germany, and France combined.
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