- The Singles ‘ Day shopping bonanza sales of Alibaba Group Holding Ltd. got off to a scorching start, logging more than 114 billion yuan ($16.3 billion) of sales in less than 90 minutes
The Singles ‘ Day shopping bonanza sales of Alibaba Group Holding Ltd. got off to a scorching start, logging more than 114 billion yuan ($16.3 billion) of sales in less than 90 minutes, the equivalent of more than half of last year’s 24-hour record haul.
An estimated half-billion shoppers are expected to flood the pages of the e-commerce giant from China to Russia and Argentina to scoop up everything from iPhones and refrigerators to cashew nuts. The business again hosted a televised music magazine in Shanghai to run alongside bargain-hunting, this time trying to pump up sales by Taylor Swift and Asian pop icon G.E.M.
The largest shopping experience in the world has become an annual tradition for Asia’s largest company, a 24-hour marathon that is the marketing part display and part advertisement blitz. Often referred to as “Double 11” because it falls on November 11, investors will be closely watching to see how eager Chinese consumers are to spend as economic growth threatens to drop below 6 percent.
As shared by Alibaba Group Twitter Page, We present a timeline for you where you can see how fast the sales escalated.
- Just 1 minute & 8 Seconds after midnight on 11.11, total Gross Merchandising Value (GMV) crossed $1 billion.
- 29 Minutes & 45 seconds later the sale started at 11.11, total GMV surpassed $10 billion.
- Exactly, 1 hour after the midnight sale started, the total GMV was $12.01 billion.
- After 1 hour, 26 minutes & 7 seconds total GMV has exceeded $17.22 billion crossing the total GMV of 2016 on 11.11.
- After 10-hours delivery orders exceeded 812 million and crossed the record set in 2017.
- Total GMV has exceeded $30 billion for this year.
- The number of Delivery orders for this year has surpassed the total number of delivery from 2018.
- After 24 hours since the sale started the total GMV stands at $38.4 billion which translates to 268.4 billion in Chinese currency.
- Total GMV of 2019, 11.11 Global Shopping Festival is RMB 268.4 billion (the US $38.4 billion) up by 26 percent Year-on-Year.
- More than 200,00 brands participated in the Global Shopping festival 11.11
- Close to 1 million new products from different sectors launched during this Global Shopping Festival 2019.
A special Chinese antidote to the sentimentality surrounding Valentine’s Day arose as Singles ‘ Day. Emerging across the country on college campuses, it takes its name from how the date is written numerically as 11/11, which resembles “baric branches,” a regional term for the unattached.
The founder of Alibaba legendary Jack Ma retired this year only on 10th September on his birthday eve with Daniel Zhang replacing him.