Alibaba Singles’ Day sales touch $1 billion in 1 minute and Alibaba’s Singles’ Day Sales Hit $10 Billion in Less Than 30 Minutes
Over $1 billion in 1:08 minutes and $22.63 billion in the first nine hours – that’s the rate at which Chinese shoppers are spending at Alibaba’s Singles’ Day sale. More than 200,000 brands from 78 countries are participating in the event, dubbed the world’s biggest shopping extravaganza. The numbers dwarf those clocked by Amazon and Flipkart in India: The e-tailers together posted $3 billion in GMV during last month’s festive sales. Chinese e-commerce firms such as Club Factory and Shein are yet to make a mark in India amid a clampdown by the customs department.
ECONOMIES OF SCALE: in the West we think Amazon, Facebook, and Twitter are huge, but they are dwarfed in comparison to the likes of Alibaba, WeChat, and other Chinese platforms. Check out the sales coming in through the Alibaba marketplace during Singles’ Day (Nov. 11 = 11/11) in China; a comparable to the US Black Friday and Cyber Monday retail sales events.
As Alibaba Group Singles’ Day smashes records, Maggie Zhou (周岚)is already looking to the e-commerce giant’s next target for Australian business: “China is a big opportunity… but South East Asia you can’t ignore.” Many businesses are starting to embrace the global market. The focus for us is to help them. For those more mature companies, it’s about feeding into South East Asia.” But is it all work and no play for Alibaba? Zhou shares more on the company’s shift away from the 996 model.
The morning 11/11 sales clearly show digital consumption is defying the under pressure overall consumption, still much room from up-market and mass-market in tier 1-2 cities to grass-market in smaller cities fueled by supply side innovations like Tmall 2.0 interactivity, SeeNowBuyNow.
Did Diwali change India’s slowdown story?
With less money in circulation owing to this credit scarcity, what else could India expect but a dire Diwali marked by a consumption slump, right? Not quite. Etailers made a whooping $3 billion (over Rs 21,000 crore) in just the first six days of festive sales this year. Based on this number, the year-on-year growth for etailers, led by Flipkart and Amazon, was 30 per cent, a report by consulting firm RedSeer says. A big chunk of customers this year was from Tier-II cities, the report said. Before the sales began, RedSeer had said there would be a 60% jump in the number of online shoppers from 20 million last year to 32 million this year.
Alibaba said on Monday that sales for its annual Singles’ Day shopping crossed the $30 billion mark. The figure is equivalent to over 80% of U.S. rival Amazon.com Inc’s online store sales in the latest quarter and matches takings across Alibaba’s e-commerce platforms on Singles’ Day last year.
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Chinese e-commerce giant Alibaba Group Holding Inc said on Monday that sales for its annual Singles’ Day shopping blitz hit 91.2 billion yuan ($13 billion) within the first hour, up 32% from last year’s early haul of 69 billion yuan. Akin to Black Friday and Cyber Monday in the United States, Singles’ Day has been promoted as a shopping fest by Alibaba Chairman and Chief Executive Daniel Zhang since 2009, growing rapidly to become the world’s biggest online sales event.
Happy Singles Day! 11 years of 11.11 and Alibaba’s annual shopping festival is not slowing down… with $13 billion sales in the first hour, it has already blown Amazon’s $7.16 billion TOTAL global sales on Prime Day out of the water – their earlier 48 hour shopping event in July 2019.
Also known as “Double Eleven”, the festival’s name originates from the calendar date 11/11, with the four ones referencing being single. Alibaba saw sales worth $30 billion on its platforms on Singles’ Day last year, dwarfing $7.9 billion U.S. online sales for Cyber Monday. Yet the 27% sales growth was the lowest in the event’s 10-year history, spurring a search for fresh ideas.
Some of you are probably aware that today is not only the 11th of November, but also Singles’ Day – the biggest shopping day in the year!
Yes, it’s way bigger than Black Friday and last year Singles Day accounted for $31 billion in retail commerce, which is more than five days of sales between Thanksgiving and Cyber Monday.
What’s more interesting than sales volume is the origin of this day.
In the U.S. the 11th of November is known as Veteran’s Day, in Europe – as Armistice Day.
But it’s also a day with a lot of 1’s and some lonely guys in China came up with an idea that this will be Singles’ Day in 1993.
Given that in China the number 11 resembles “bare sticks” (slang for bachelor in Chinese), this day has become a celebration for single people and also, thanks to Alibaba Group, the biggest shopping day!