Alibaba breaks record Singles Day sales
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E-commerce giant Alibaba has reported a 27 per cent increase in the gross merchandise value of goods sold during yesterday’s 11.11 shopping festival. Total GMV of Singles Day sales settled through Alipay reached RMB213.5 billion (US$30.7 billion), setting a much-anticipated record – with more than 40 per cent of consumers buying through international brands. Last year’s event brought in $25.3 billion in GMV.
According to Alibaba, RMB6.9 billion ($992 million) of GMV was settled in the first one minute and 25 seconds, and RMB69.3 billion ($9.967 billion) in one hour and 48 seconds.
Comparatively, Amazon’s recent Prime Day sales were estimated to have reached approximately US$4.2 billion by Wedbush Securities analyst Michael Pachter.
Australia, Japan, the US, South Korea and Germany were among the top countries selling in the event, with 230 markets having participated.
Australian supplement retailer Swisse ranked as the top brand imported into China through the promotion.
“Today we witnessed the strength and rise of China’s consumption economy, and consumers’ continued pursuit to upgrade their everyday lifestyles,” Alibaba Group CEO Daniel Zhang said.
“Participation from the entire Alibaba ecosystem enabled our brand and merchant partners to engage with consumers like never before.”
According to Texas A&M University’s Professor Venkatesh Shankar, customers globally want to buy both online and in-store, from any device and through any payment method, while getting a high level of customisation and service.
Singles Day’s popularity across the world suggests a new chapter of computer-enhanced shopping experiences has begun..
As the Chinese middle-class grows, retailers around the world are offering their own Singles Day offering in order to service a burgeoning market.
“The global retail market is adjusting to China’s rising economic power, and Chinese customer’s desire for AI-enhanced mobile shopping experiences,” Shankar wrote.
Questions & Answers
Q.What was the total value of goods sold during this year's Singles Day festival?
What was the total value of goods sold during this year's Singles Day festival?
The gross merchandise value (GMV) of sales settled through Alipay reached RMB213.5 billion, which translates to US$30.7 billion. This figure represents a 27 per cent increase over the previous year's event.
Q.How quickly did sales generate significant revenue at the start of the event?
How quickly did sales generate significant revenue at the start of the event?
In the first one minute and 25 seconds, RMB6.9 billion ($992 million) of GMV was settled. Within one hour and 48 seconds, the sales value had already reached RMB69.3 billion ($9.967 billion).
Q.Which international countries were the top sellers during the Singles Day promotion?
Which international countries were the top sellers during the Singles Day promotion?
Australia, Japan, the US, South Korea and Germany were among the top countries selling in the event. Australian supplement retailer Swisse was ranked as the top brand imported into China.
Q.What proportion of consumers bought products from international brands during the event?
What proportion of consumers bought products from international brands during the event?
More than 40 per cent of consumers purchased goods through international brands during the Singles Day shopping festival. The event involved participation from 230 different markets globally.
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