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What is Double Eleven and what is the meaning of Double Eleven?

"Double 11" refers to the online promotion day on November 11 every year. November 11th was originally the "Singles' Day", an entertainment holiday in my country. Initially, because there were four 1's in the date of this day, which resembled four smooth sticks, and "Single" means "single" in Chinese, this day was originally designated as "Singles' Day". "Singles' Day", an alternative holiday for singles, was later spread through online media. In an online promotion held by Tmall on November 11, 2009, the number of merchants participating and the intensity of the promotion were limited, but the turnover far exceeded expectations. The effect was so great that November 11th became a fixed date for Tmall to hold large-scale promotions.

"Double Eleven" is a phenomenal event in the rise of China's e-commerce. Sports-style promotional activities have become a catalyst for the rapid development of e-commerce. In 2019, Tmall's "Double Eleven" transaction volume exceeded 1 billion in the first 14 seconds; in 1 minute and 36 seconds, the transaction volume exceeded 10 billion; in 17 minutes and 06 seconds, the transaction volume exceeded RMB 57.1 billion, exceeding the 2014 "Double Eleven" "Full-day turnover. This is the "Chinese Miracle" in the retail industry, which fully reflects the characteristics of China's super-large economy.

"Double Eleven" makes consumption behavior networked, festive, and sporty, and has the following effects on China's macroeconomy: First, it promotes the development of small and micro enterprises, and second, it improves the income distribution structure. The third is to promote consumption.

"Double Eleven" enhances the overall consumption level of China's economy. my country's consumption rate has been lower than the optimal level for a long time, which is not conducive to the formation of short-term effective demand for the national economy, nor is it conducive to improving long-term national happiness. As a major event with a sense of topic, "Double Eleven" has great impact on both the consumer group and the retailer group, and can form a very high transaction volume in a very short period of time.