Taobao Christmas Sale, A Raving Success
The People’s Daily reports on the fact that while the average Chinese shopper may be unaware of Christmas, they’re only too happy to pick up a Christmas bargain. On the 21st of December, 2010 China’s favorite online store – Taobao, launched its largest promotion since the previous year.
While other retailers may have been moaning about inflated prices and slower sales, Taobao’s merchants were greeting the festive season with good cheer. At midnight on the 21st, over 750 million items (rather more than you could fit on Santa’s sleigh) had their prices slashed. China’s e-shoppers grabbed their credit cards and went crazy for the discounts.
The average discount of 50% on previous prices combined with free shipping on absolutely every purchase – including food, clothing, cosmetics, electronics, and much more. Was a major win for consumers and retailers alike.
In a single minute, 10,000 transactions were completed and 1,500 Christmas themed nightdresses were amongst the first items to sell out. The company Pink Large Dolls, managed to rake in over 1 million RMB in the first ten minutes!
The hourly turnover was even more impressive at 100 million RMB for the whole site, and by 2 p.m. 17 shops were reporting that they had broken 10 million RMN in sales each!