British online store The Edit LDN transforms prized sneaker industry as sales soar

The UK’s leading online store for limited edition sneakers and high end streetwear The Edit Man London has changed its name to The Edit LDN to reflect the rapidly growing female appeal for new and pre-loved sneakers and streetwear as sales grow 60% month-on-month in the last 12 months. 

The Edit LDN is popular with celebrities and footballers and has reported that for the first time more women than men are making premium purchases which has prompted the company to rebrand from The Edit Man London to The Edit LDN. 

They are often referred to as the Farfetch equivalent of the exclusive sneaker world, who get over 120,000 unique visitors every month (up 5x since Jan 2020 when they launched). Sales are soaring 60% month on month and the company is set to be worth £10m by the end of the year and £30m by 2022.

“At the heart of The Edit LDN proposition is a focus on social and economic issues. These are matters that are important to us and our community, so we recognise that we’re in a super hot market right now so we want to use our platform to make a long lasting impact where possible” said CEO  Moses Rashid. 

Moses Rashid, founder and CEO of The Edit LDN

Founded in 2020, The Edit LDN is an online consignment store, a leading destination that sells new and pre-loved limited edition sneakers and high end streetwear from a variety of brands including Yeezy, Jordan, Louis Vuitton, Dior, Off-White, Supreme, Fear of God among others, to a wide community of fashionistas, collectors and investors. Through partnerships with styling services such as Thread.com and various concierge companies, the company has expanded its community of buyers from TV and film celebrities to professional footballers and royal families around the world.

Moses Rashid, founder and CEO of The Edit LDN commented: “As a brand we want to remain current and relevant to our community, our new name now fairly represents and embraces our diverse community but is true to its origins. We dropped the ‘Man’ from the name simply because the number of women buying had been steadily increasing since launch in January 2020 and passed 50% in March this year. It was the right thing to do.”

“We set out to create a destination that opens up and levels up the opportunity for anyone wishing to own extremely limited edition goods. Essentially we make Inaccessible, accessible. Previous means to buy these goods have been riddled with issues such as sending payments to random resellers found on social media, authenticity issues when buying online and long delivery times on purchases from global marketplaces. The Edit LDN addresses all these concerns and is transforming the customer experience and industry simultaneously, added Moses”. 

In 2021 (to April), The Edit LDN attracted more traffic, transactions and revenue than in their first year of trading (2020).  With 60% month-on-month growth and mounting interest, the business is set to take-off. 

“We’re regularly selling sneakers and streetwear worth £1,500 each. Recently, we sold a Gucci TNF jacket for £9,200. It’s not only the variety of goods we offer but the speed at which we send purchases. Just last year we managed to source and sell 44 Playstation 5 games consoles to the England U21 football team within 24 hours, literally dispatching them in Ubers to their homes” said Moses.

Looking ahead, Moses added: “This is a marketplace worth $6b a year globally and will grow 5x by 2030. By the end of this year, The Edit LDN will be worth £10m and given the hyper growth rate of our sales and revenues, we will 3x our valuation by the end of 2022 for sure. In meeting the needs of this rapid scaling, we will seek to raise funds this year to propel us as we launch in new markets”. 

The Edit LDN has its community and social conscious front of mind. They have raised funds and awareness against gun crime, mental health and sustainability issues. In 2020, the company collaborated with the artist McCrow as part of the One Less Gun campaign to create a sneaker with bullet shells from an AK-47 rifle. Working with Gary James McQueen in aid of MIND mental health charity, they raised funds with an exclusive T-shirt drop featuring the famous McQueen Vanitas skull. 

In owning their sustainability agenda, they turned their focus to the circular economy by selling pre-owned (or pre-loved) goods through the platform. In addition to this, they are a paperless company and only ship products using recycled packaging. 

While Christmas 2020 remains challenging, experts predict promising consumers' festive spending

This Jewels and Jingles collection includes
velvet and sequin butterfly
on clip, and a selection of glass baubles
on a Highland blue tree,
all from Dobbies Garden Centres.

      It is great that the current lockdown in England is coming to an end and shops and non-essential retailers can open again as from 2nd December, albeit with covid-safety protocol in place.  But the disappointing news today is that two retail giants – the Acadia group and Debenhams are not able to survive, although their problems began even before the pandemic.  It is really the usual tale of only the fittest can survive as consumers are ever more discerning and continue to embrace online shopping.

     Administrators have been appointed to Sir Philip Green’s Arcadia (behind brands such as Dorothy Perkins, Topshop and Miss Selfridge) while Debenhams will now go into liquidation as JD Sports has walked away from potential takeover of Debenhams, which was founded in 1778 and is one of the oldest high street chains in the UK.

Nevertheless, shoppers will be happy that they can earnestly get into the Christmas spirit as latest research from market research expert Mintel reveals that most Brits are striving to have a good festive period with their spending  predicted to decline by just 0.4% compared to 2019.

Letterbox-friendly gift packs are ideal for online shoppers.  Here a new range for gardeners from suttons.co.uk, packaged to send directly to the recipient.  There are five themes of Vegetable Gerden Letterbox Gifts to choose from, each packed with a selection of seeds, sowing accessories, a gardener’s exfoliating hand soap and either a handy tool, themed accessory, or hand cream set.

Mintel expects retail sales in both November and December (both in-store and online food and non-food) to hit £81.7 billion, declining just 0.4% compared to last November and December when sales reached £82.0 billion. Sales through non-food retailers this November and December are expected to reach £33.3 billion. 

Online demand has soared since the COVID-19 pandemic, and is expected to make up a record level of sales during the Christmas period. Half (51%) of consumers say they plan to buy more Christmas gifts online this year, rising significantly among those aged 16-34 (58%) and falling a little among those over 55 (44%).  

Overall, Mintel estimates that internet pure players (online only retailers) will account for £15.7 billion worth of sales in November and December. This comes as almost three quarter (72%) of Brits plan to try to limit time in crowded areas before seeing their family at Christmas.

And it seems the festive period is proving to be more important than ever as 77% of grocery shoppers say it is important to have a good Christmas after the events of 2020. 

"The festive period is, for many consumers, a time to forget their worries and celebrate with loved ones."

Nick Carroll, Associate Director of Retail Research at Mintel, said: “The COVID-19 pandemic has polarised consumer finances. Some have been able to work throughout the outbreak and have seen some outgoing costs, such as travel, reduced, but many have seen incoming costs reduced, through furlough or lost jobs due to the pandemic. Irrespective of the scenario, households find themselves looking toward the uncertainty of 2021, particularly with the end to Government intervention in the job market. As a result, consumers have been less willing to spend since the pandemic hit and these fears will naturally be at play in the background of this festive period. 

“However, the festive period is, for many consumers, a time to forget their worries and celebrate with loved ones, and few years have limited consumers’ ability to do both like 2020. If, as we expect, rules are relaxed a little for the festive period***, customers will be wanting to make this Christmas as special as possible and purse strings are likely to be released more than they have been so far in 2020. Value will remain crucial but those that have been able to save during the pandemic may look to release some pent-up demand; while those who have been impacted financially will do what they can to ensure they can still make this festive period special.”

***The UK Government and devolved administrations have agreed a temporary relaxation of measures, which will allow three households to mix in a bubble from December 23 to 27.

Loungewear rules the day setting the pace for online shopping

As there will be ongoing restrictions on our daily life at the moment, the UK government has announced relaxing the rules on indoor mixing for a five-day period over this jolly Christmas and retailers are gearing up for record discounting this Black Friday, done mostly online.

According to data analysis of online shopping website LovetheSales.com, following the buying behaviour of 6 million online shoppers, comfort clothes remain best sellers.  

Mask and kimono from loungewer brand niLuu,
using 100% Bemberg™ from Ipeker Textile.

Demand for loungewear has has surged more than 122 percent in November so far, compared to November 2019 figures. 

Brands such as Ugg, Calvin Klein and Nike are doing particularly well in terms of consumer demand. In category items hoodies are up 164 percent, joggers 118 percent and sweatshirts 81 percent. Calvin Klein and Nike saw an increase of 42 percent and 25 percent respectively.

Zurs Cargo joggers by recycled fashion
brand Ecoalf, made of Bemberg™ 

Expectedly, due to most people working from home, demand for smart clothes has waned, dropping -145 percent in November, as people continue working from home. 

Sales of suits are down -166 percent, belts -150 percent, men’s shirts -130 percent and smart trousers -127 percent.

With Christmas and New Year’s celebrations likely limited to small gatherings according to government guidelines, party clothing has seen sales fall -99 percent on average. Wrap and body-con dresses saw the greatest fall with -115 percent and -99 percent each. Cluth bags fell -61 percent and sales of shoes fell -95 percent.

Brands and retailers are moving quickly to provide more seamless omnichannel shopping experiences—but customers are moving faster.

Very significant changes are shifting the way apparel companies are keeping pace with digital competitors, while their customers’ behaviors and expectations are evolving ever faster, according to a new Apparel Omni-channel Survey report from McKinsey.  The study unveils a number of important insights.

For example, six out of ten people now use at least one digital channel when shopping for an apparel garment, which has major implications for physical stores. However, for most apparel companies, brick-and-mortar stores are still essential because  more of the best customers are using a combination of offline and online channels when they shop.

In exploring customer-experience and merchandising factors that drive customers’ behaviour, online leaders in consumer-facing industries, from books and music to insurance, find that customisation and personalisation are key sales drivers.

The businesses use countless data sources and artificial intelligence to customize offerings to millions of people every day, says the survey.  Cosmetic department store  Sephora—a best-in-class example—takes cross-channel personalisation to the next level with features like location-targeted text messages to notify customers that a nearby store has a new, limited-edition product in stock.

McKinsey's analysis reveals that personalization, such as “tailored for me” product suggestions and advice, is a key driver of trips for both monobrand and multibrand retailers across online and offline channels. 

Furthermore, customers indicate that personalization gives an opportunity to differentiate from competitors and delight them.

To personalize effectively, however, brands and retailers first must know who their customer is—to link and identify the one in three shoppers who researched online before coming into the store or researched in the store before visiting the website.

Apparel companies can outcompete online-only giants at specific moments in the consumer shopping journey. According to their research, one in four apparel shoppers visits Amazon early in the apparel shopping journey. However two-thirds of those visitors buy elsewhere, meaning Amazon is critical in the search, inspiration, and discovery phases of the journey (an insight supported by its growing role as a marketing and media platform) but is less effective for evaluation and the purchase transaction itself. This creates an opportunity for apparel companies to differentiate and win the actual sale.

Photos show general retail scenes in London - © Lucia Carpio 2019

UK INDEPENDENT RETAILERS JOIN GLOBAL BRANDS IN ONLINE “FLASH SALE”

Payments innovator Clearpay - UK arm of global payments innovator Afterpay Touch Group - holds first online discount event on three continents 

Independent retailers on local UK high streets are to reap the benefits of global e-commerce this week, offering exclusive online deals alongside top fashion and retail brands in a “flash sale” for UK shoppers, according to a press release from Clearpay.

At a time when many UK high street retailers are seemingly struggling to compete with the growing popularity of online shopping, Clearpay is holding a UK flash sale this Wednesday and Thursday when discounts of up to 60% are on offer to shoppers who pay with Clearpay, and consumers can spread the purchase price over two months in four debit payments.

The UK sale will run alongside Afterpay Day in the US, Australia and New Zealand – making this one of the first exclusive online shopping events with global brands to run across three continents, with over 30,000 retailers and four million consumers.   

Clearpay is an entirely new way to pay, being interest free, quick and easy to sign up and requiring only a debit card. Since launching in the UK two months ago, a host of UK retailers have adopted it for their customers, with almost all the biggest names joining, said Clearpay.

#ClearpayDay will be a 36-hour online sale for retailers offering Clearpay to customers, including many big names like Urban Outfitters and Boohoo. Deals on offer will typically give between 25% and 30% off, but some are much higher – with Pretty Little Thing offering 60% off all Clearpay transations and Nasty Gal discounts of 50%. 

UK shoppers will also find deals from local stores and boutiques via Down Your High Street, an online marketplace for independent retailers.  Down Your High Street is offering a discounts on all purchases made with Clearpay at over 600 small high street shops.  

“This is an innovation which levels the playing field in e-commerce, giving smaller independent retailers the same opportunities as top global brands to reach millions of consumers online with great deals,”  said Carl Scheible, CEO of Clearpay. “#ClearpayDay is game-changer – the first step in making the benefits of global e-commerce available to all.” 

Clearpay’s UK roll-out is part of a rapid international expansion by Afterpay Touch Group, working with a host of global retail partners. The group’s online store directories, more established and much bigger in Australia and the US, have become a shopping destination in their own right, says the Group, referring new customers to brands using the service, adding that both referrals and overall retailer sales are boosted by its flash sale events. 

Its ambition is for consumers to buy goods from any retailer in the world on its platform. Cross Border, launched in March, allows customers to pay in their local currency, for products then shipped from oversees by the retailer. Currently on trial in Australia and New Zealand, the intention is to roll this out internationally.   

Bad experiences with delivery frustrate online shoppers

Bad experiences with delivery have been named by internet users as problems with online shopping, along with issues with collection as well as packaging wastage.

Market retail experts at Mintel reported that 62% of UK delivery users have experienced an issue with a delivery.

Mintel research reveals that a longer than estimated wait for delivery of products (30%) tops delivery users’ frustrations. This is followed by being unable to schedule a delivery for a convenient time (20%), deliveries being left in unsafe areas (18%) and damage to the content or packaging (17%).  Meanwhile, receiving incorrect products (12%) and difficulty arranging a re-delivery (12%) complete the nation’s top five delivery issues. Further down the list, one in 10 (8%) of those who use delivery most often say they have had a problem with unhelpful delivery personnel.

But it isn’t just delivery that is causing consumer angst, as collection is proving a cause for concern too.  Some 38% of Brits who have collected a product in the last 12 months have experienced a problem, with long queues (20%), unhelpful staff (12%) and out-of-stock products (10%) among the most common problems.

Nick Carroll, Senior Retail Analyst at Mintel, said:  “Online retail will continue to grow within the UK and with it the demands put on retail logistics. While instances of problems are lower among those who have collected a product, the issues users have reported seem avoidable from a retailer perspective. While a big positive of click-and-collect, from a multi-channel viewpoint, is that it allows store-based retailers to emphasise their brand traits when an online shopper comes into the store, if customers are faced with long queues, unhelpful staff or unavailable products, then the opportunity is lost and the benefits of coming into store are negated.”

Mintel estimates that the value of collection orders in the UK reached £9.5 billion in 2016, accounting for 18.5% of all online sales, with the market this year estimated to reach £11.8 billion, according to report published November 2017.

When asked which newer innovations in the delivery and collection market consumers would like to see become more widespread, evening home delivery (43%) tops the wish lists of those who use product delivery and collection.  While GPS tracking of orders (35%) and one-hour delivery slots (33%) complete the top three innovation interests.

Overall, 30% of delivery and collection users are interested in same-day delivery, with those aged 16-24 expressing the greatest interest in same-day delivery (41%). Despite this, the majority (87%) of users think that next-day delivery is quick enough for most purchases. Meanwhile, 46% of delivery and collection users say the ability to have products delivered before paying for them is appealing and a forward thinking one in 10 (8%) express an interest in drone delivery.

“Online retail shows no signs of slowing down and neither does the speed in which retailers are attempting to fulfil orders and how quickly consumers expect them to arrive.

“For leading online players, how they fullfil orders can be their defining quality, but there is evidence that speed is not necessarily everything; it is about offering a range of options to be flexible to consumers’ multifaceted demands.” Nick adds.

Meanwhile, 57% of users believe that retailers that sell online should offer a recycling service for old products.

Nick continues: “Consumers are becoming increasingly aware of how their consumption is affecting the environment. Greater online volumes that bring more waste packaging and delivery vehicles to serve the demand may see consumers more actively question how their shopping habits are affecting the environment. 

One way in which online retailers could limit this is to instigate a recycling service for old products. There are examples of store-based retailers who have introduced a recycling service at the store level and the majority of consumers seem to be in favour of online players taking a similar stance. This is a simple move, even if it is a logistical strain for the retailer to take. It could help reduce the impractically of excess packaging around the home, and encourage greater purchasing.” Nick concludes.

Black Friday sales reveal online shopping behaviour and shoppers' loyalty

Analysis of over 7 million unique e-commerce transactions this Black Friday has revealed discounting falls as order amounts rise.  This is good news for retailers, as the average discount on an order decreased by 12 percent compared to last year, whilst the average order amount grew by 9 percent compared to that of 2016.

The data, from customer relationship experts Optimove, suggests that online customers in the UK were willing to spend more on more items on Black Friday 2017.  The average number of items in an order grew by 7 percent compared to last year’s sales day figures. Customers did not insist on receiving such big discounts in order to complete their transactions.

"It is clear that more shoppers are opting to buy online rather than in-store."

Pini Yakuel, founder and CEO of Optimove, comments: “As the numbers come in after Black Friday, it is clear that more shoppers are opting to buy online rather than in-store. Which is why it is more important than ever that retailers understand the behaviours and motivations of their online customers.

“Contrary to traditional analysis of the Black Friday phenomenon, our data shows that most of the individuals shopping with a brand on the day are actually returning, rather than completely new, customers.  On Black Friday last year, our research showed that 71 percent of shoppers had bought something from the brand before at some stage. And this trends continues.

"There are signs that days like Black Friday may be helping retailers to keep customers coming back to their brand." 

“This year, the share of Black Friday transactions which were made by first-time shoppers decreased by a further 18 percent. Customers’ pre-existing contact with a brand goes some way towards explaining why shoppers have been willing to buy more items without such high discounts this year.

“Despite the supposed ‘death’ of customer loyalty, driven in part by the ease of price comparison online, there are signs that days like Black Friday may be helping retailers to keep customers coming back to their brand.

"The challenge for retailers is to continue building on this relationship outside of the pre-Christmas and sales period."

“If retailers can continue to exchange value with their online customers – offering specific offers, personalised communications and experiences – then these positive trends can continue into the sparser months, January and beyond.”

UK Black Friday online sales expected to top Boxing day sales by 77 %

Black Friday is an American shopping phenomenon that happens after their Thanksgiving holiday and this concept has now taken hold in the UK where retailers have adopted the idea since a few years ago, extending it to a last from one day to a week.

This year, Black Friday week total online sales are expected to reach £7 billion, a 164% increase on 2014 and 77% higher than expected Boxing day total sales, according to global real estate advisor Colliers International.

This is reinforced by the decrease in the proportion of Brits shopping on Boxing Day in 2015 (32%) compared to 2016 (23%).

"We’ve seen a build-up of sales which we expect to peak on Friday. "

Mark Phillipson, Head of Retail at Colliers International commented: “Black Friday is evolving into a week-long plus event in the UK.  We’ve seen a build-up of sales which we expect to peak on Friday. This is also a period in the year when retailers should be at full margins but, essentially, they are giving away some of their profits in order to compete for a higher share of consumer spending. However, there is degree of consumer skepticism as to whether any of the deals are actually any better than in standard sale periods, so in reality, it would also seem that Black Friday has just turned into a marketing event craze.”

The research also reveals that Black Friday is becoming much more of an online event since the violent scenes witnessed in 2014. Greater smart phone use and retailers’ much improved mobile websites encourage online purchasing. As a result, footfall was lower than anticipated in 2015 and 2016.

“Black Friday is having a significant impact on consumer spending patterns."

Mark Charlton, Head of UK Research at Colliers International added: “Black Friday is having a significant impact on consumer spending patterns, causing a sharper spike in sales earlier on in the Christmas run-up.  In general, we expect the online sales increase to continue, with weaker footfall on the day itself and a higher surge in online traffic.

“Historically there has been a much more gradual increase in sales in the six weeks prior to Christmas however what we are now witnessing is a potential decrease in consumer spending in the New Year sales due to the possibility of customers suffering from “sales” fatigue.”

Brits hung up on online fashion

Online sales of clothing, fashion accessories and footwear grow by 17% in 2017 - says market intelligence agency Mintel.

As London Fashion Week kicks off today 15th September 2017, it seems that shopping for clothes has never been simpler.   Indeed, the latest research from Mintel reveals that this year Brits are set to spend an impressive £16.2 billion on online sales of clothing, fashion accessories and footwear—at the click of a button.   In 2017, the online fashion market will increase 17.2%, continuing fashion's spot as the most popular category bought online.

Over the past five years, sales of online fashion have soared, doubling in value since 2012. What is more, online sales of fashion have increased to account for 24% of total fashion spend in 2017, up from 17% in 2013. But while online fashion sales continue to show spectacular growth, overall sales of clothing are forecast to grow by just 1.3% in 2017.

Highlighting the popularity of online-only retailers, Mintel research shows the importance which pure plays are having on the clothing and footwear sector, as today they account for approximately 38% of the UK online fashion market.

- UK online fashion sales reach £16.2 billion in 2017.- Online fashion accounts for 24% of total fashion spend in the UK.- 34% of online shoppers have kept unwanted goods due to the hassle involved in returning them.

Over the next five years, the online fashion market will continue to see strong double-digit growth, with the market forecast to increase a further 79% by 2022, reaching just under £29 billion.

Tamara Sender, Senior Fashion Analyst at Mintel, said:
“The strength of the online fashion market stands out as the overall clothing market is struggling, with a continuing shift away from consumers spending their extra money on fashion items to spending more on leisure. The way consumers are shopping for clothes and shoes is changing; there is a buy-now, wear-now mentality and a desire to shop for clothes however and whenever they want, with consumers demanding convenient shopping that fits around their busy lifestyles. Usage and trust in online retailers is still growing. Many of the pure play fashion retailers are still immature businesses and have a degree of novelty value, which is helping to drive sales.”

Images from Mercedes Benz London Fashion Week. by Jonathan Daniel Pryce (Garcon Jon) 

UK's Black Friday evolves as majority of sales move online

Slow fashion label A-MM-E by Emma Kempton is one of the British-made brands on the online store set up by
Best of Britannia, the consumer event platform of British brands.
The BOB online store will launch on November 24th to coincide with Black Friday weekend in the UK.

Experts predict Black Friday this year in the UK will be another shopping bonanza, and that £1.1bn spent last year on the day to be surpassed. Emerging key trends point to evolving consumers behaviour with  15 billion online searches a month regarding Black Friday. 

Online spending on and around Black Friday in the UK this year (that's November 24th, the day after the US celebrates Thanksgiving) will hit an estimated £6.77bn, according to e-tailer body IMRG and SimilarWeb. And around 51% of that spend will be via mobile devices as m-commerce continues to grow fast.  But insights-driven advertising technology company Captify predict the £1.1 bn spent last year on Black Friday is set to be surpassed.

Justin Opie, managing director at IMRG also said the Black Friday period is evolving but despite retailers focusing on week-long bargains, IMRG believes as much as £1.27bn will be spent on the day itself, up 16% year-on-year. And around £3.45bn of the total spend will go through smartphones and tablets.

Genevieve Sweeney lunxury knitwear for men and women is one of British labels on the Best of Britannia online shop. 

Dom Joseph CEO and Co-Founder of Captify, an insights-driven advertising technology company, also predicts the £1.1bn spent last year on Black Friday is to be surpassed.

He said, “In the six years since its introduction into the UK, Black Friday is rightly recognised as the best day of the year to get a good deal on a huge variety of products.”

“We are seeing two key trends emerge this year, firstly, more and more retailers, both online and offline, have offered discounts well ahead of Black Friday. Amazon launched its ‘35 days of Black Friday’ , while UK companies, such as Argos and Tesco, have also offered deals ahead of the day, in order to capture as many consumers as possible. Retailers know the heightened expectations that consumers have for Black Friday, which is why we’ve seen such growth in discounts before the event itself.”

“Secondly, people are now monitoring the prices of products they want to buy, months in advance of Black Friday, and researching information as early as August. Not only this, based on the analysis of 15 billion online searches, there was actually an 11% jump last month of UK consumers researching product prices related to Black Friday, compared to last year."

“Consumers will always vote with their wallets, and if Black Friday didn’t offer huge price discounts on products that consumers valued and wanted, it wouldn’t be nearly as successful as it is and will continue to be.”

China goes on shopping frenzy on Singles Day.

Perhaps one can deduce that shopping is the best cure for a lonely heart, or a great distraction from the world's developing problems.

Yesterday November 11th is Singles Day in China and the world's second largest economy was on an online spending frenzy.  By day's end, record sales (still to be verified) were reportedly broken.

The country's e-commerce giant Alibaba was reporting US$5 bn of shopping sales in the first hour of Singles Day, with total sales expected to top US$20 billion this year, overshadowing America's equialents of Cyber Monday and Black Friday - the Monday and Friday after Thanksgivin (November 24).

Chinese market - a force to be reckoned with.
Photo: ISPO fair in China.

Singles Day was invented in 1993 by students in Nanjing, the ancient capital, who wanted to celebrate their singleness, and the date 11/11 was chosen because the number one stands for the solitary single.

Every year, thus on this particular day, millions of Chinese go shopping and Chinese companies have turned it into the biggest online shopping day in the world. Alibaba has approximately 440 million online customers.

Singles Day revenue nearly tripled from 2013 to 2015 to the tune of US$14.3 bn grossed on the Alibaba’s shopping sites, Tmall and Taobao; recording, approximately US$357 million were profit.

Alibaba company founder Jack Ma drummed up the enormous business by making Singles Day into a gala event onn November 10  in Shenzhen, the cosmopolitan city across from Hong Kong in Guangdong province.  There was a four-hour show broadcast on national television studded with countless stars, including star couple Victoria and David Beckham, Hollywood star Scarlet Johansson and LA Lakers superstar Kobe Bryant as guests. Pop star Katy Perry was billed as a star attractions but she pulled out at the last minute due to a "family emergency".  Mr. Ma himself even performed a magic act.