November 11, Singles’ Day, has been the day with the biggest sales for China’s major online retailers since 2009. Yet, a new report finds out prices on this day can be higher than before or afterwards.
With the shopping spree getting crazier every year, on November 11, 2015, Tmall set a new record by reaching a sales volume of 91.22 billion yuan during the 24 hours. All major online retailers use both lower prices and omnipresent advertising to lure customers to spend more during this event.
But all is not as it seems.
However, according to a recent report (2015 Double 11 online retailers’ price data analysis) by B5M.com, goods on Singles’ Days are not necessarily cheaper on major online shopping sites. All data in this report are based on the data collected by B5M.com during the Double 11 period of 2015.
The data include over 100 million entries, covering major online retailers such as Tmall, JD, Amazon, Dangdang, Gome, Yixun, Suning, and Lefeng. Among the goods increasing prices prior to November 11, 79.34% of them were from Tmall, 14.41% from JD, and 3.76% from Suning.
In addition, many goods’ prices were lowered after Double 11. Among the goods decreasing prices after November 11, 69.51% were from Tmall, 21.18% from JD, and 2.22% from Dangdang.
Digital sleight of hand?
One of the reasons for above price changes is that some goods don’t take part in the Singles’ Day promotion and they are just normal price fluctuations; the other is that some prices are raised before the event to appear cheaper on that day and some price cuts are delayed for more revenue during this shopping frenzy.