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Xiaomi absolutely killed it on Singles Day
For those not in the know, Singles Day (11/11) is widely celebrated in China, and it has become the largest annual online shopping day. This year, Xiaomi made ¥1.2 billion ($188 million) in a single day.
The holiday began as a university tradition in the 90’s, and it was originally only celebrated by male bachelors. However, as the popularity of the concept grew, Singles Day came to be celebrated by young men and women alike. It serves as a massive meet-and-greet, and unattached individuals all over the country take advantage of the opportunity by throwing karaoke parties and meeting new people. Businesses have cashed in on the festivities by establishing a custom of slashing prices in online shops, making 11/11 the Black Friday of the internet in China.
Xiaomi got off the mark early by offering a chain of discounts since the first of the month. The company, which is already renowned for offering relatively high quality devices for insanely low prices, unveiled deal after deal in the days leading up to the eleventh. They cut prices on practically all of their Mi line of mobile devices, introduced a slew of new accessories, and even released a teaser for a new smartphone.
When the big Singles Day sales went live at midnight, Xiaomi sold $16 million worth of product in the first twelve minutes. By the time the sun was coming up, Xiaomi was already closing in on $100 million, and sales continued throughout the day’s festivities. By closing time, the company netted $188 million.
So… when are we going to get a Singles Day in the west? Can we make this a thing?
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