Alibaba crushes sales record during Singles' Day

Share

For scale, Singles Day was more than 25 times the size of Amazon's most recent Prime Day, where the company boasted more than $1 billion in sales.

The total gross merchandise volume or the amount of sales transacted on Alibaba's platforms was almost four times the combined online sales of "Black Friday" and "Cyber Monday" in the US, Alibaba officials said. Total mobile GMV settled through mobile payments platform Alipay accounted for an astounding 90% of total GMV, compared to 82% past year.

PChome subsidiary PChomestore Inc (商店街) said that orders on Saturday broke the company's daily order record - 430,000 - and that revenue ballooned 600 percent compared with the same day previous year.

While JD.com, China's number-two ecommerce platform behind Alibaba, didn't do too badly - pulling in 127.1 billion yuan or $19.14 billion - that was from November 1-12 of this year, what it calls a "Singles Day Period" vs. just 24 hours for the originator.

The canny Jack Ma long ago copyrighted the term "Double 11" and by negotiating discounts on goods of up to 30 per cent over the course of that 11.11 window has easily and quickly overturned and surpassed the best efforts of North American, European and Asian e-commerce giants.

More news: RSS worker accused in murder of a CPIM activist killed in Kerala

Singles' Day, or 11.11 as it's known, launched in 2009. For context, during Saturday's Singles Day, BABA saw GMV of RMB168.3 billion ($25.4 billion), experiencing a +39% year-over-year surge, and (+43% (FXN)).

It was at midnight that a deluge of pre-orders started trickling in and in just the first two minutes they were able to drive a billion dollars of sales on Alibaba's platforms.

In China, it's "Singles Day"-which started off as the brainchild of some students at Nanjing University back in the early 1990's". Singles Day also heavily used streamed video as a marketing and promotional tool and live streaming video is becoming ever more central to its marketing strategies.

To connect a 10th of China's six million convenience stores to the internet, Alibaba uses an app called Ling Shou Tong, meaning "connect retail". Alibaba has a big footprint around the world, including corporate offices in 12 countries, and it accounts for over 11% of all retail sales in China. For example, Alipay dealt with over a billion transactions and Cainao delivered 657 million packages in 24-hours on Singles Day.

Share