November 11, celebrated as Single's Day in China, has been announced as promising for e-commerce with an expected transactions volume of $20 billion.
Media outlets report that trending e-commerce websites of the country, home to nearly 1.5 billion people, will grant special discounts amid warnings from Chinese state authorities against dodgy sales tactics.
Starting from 12:00 a.m. and lasting for 24 hours, several items, including furniture, white goods, clothing, and electronics, will be available online at discounted prices on Single's Day.
The date November 11 (11/11) was chosen since the number 'one' is reminiscent of a single individual in China, where approximately 200 million people live.
Last year, the total online transactions volume amounted to over $14 million, and this year the forecasts expect a total volume over $20 million. Along with Thanksgiving Day celebrated across the U.S., China's Single's Day is known to be one of the most important e-commerce days in the world.
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