First of all, a very big wow and congratulation to Alibaba Group Holding Ltd! Alibaba on November 11 smashed through its last year’s Singles’ Day sales record and made over $30 billion in its 24-hour shopping event. The Chinese e-commerce giant cashed a record 213.5 billion yuan ($30.70 billion) in sales, easily beating last year’s figure of 168.2 billion yuan ($25.3 billion) and representing a nearly 27 per cent year-on-year rise.
Reportedly, Alibaba’s Singles’ Day got off to a strong start with sales hitting $1 billion in just one minute and 25 seconds. No wonder, it is said that sales exceeded $10 billion in just one hour, five minutes and 21 seconds faster than last year.
Interestingly, it is said that Gross Merchandise Value (GMV), a figure that shows sales across the Chinese e-commerce giant’s various shopping platforms, surpassed last year’s $25.3 billion records by around 5:34 pm.
However, it is said that the event’s annual growth has dropped to its slowest-ever rate, smaller than the 39 per cent year-on-year growth recorded in 2017.
According to reports, Alibaba introduced new aspects into this year’s Singles’ Day. It is said that Lazada, a Singapore-based e-commerce site that has operations across Southeast Asia and is majority-owned by Alibaba, hosted its own sales, and Ele.me, Alibaba’s food delivery platform, provided delivery to select Starbucks stores across 11 Chinese cities. It has to be noted that Starbucks struck a deal earlier this year with Alibaba to work together in China. Reports also mentioned that the Chinese giant has put a big focus this year on a strategy called “new retail”, which aims to bring together the online parts of its business with the offline.
Needless to mention, Alibaba’s Singles’ Day, which is also called the Double 11 because it falls on November 11, is the world’s biggest online sales event. During the 24-hour period, the company offered huge discounts across its e-commerce sites. It has outstripped the sales of U.S. shopping holidays Black Friday and Cyber Monday combined. This year’s Singles Day marked the 10th edition of the company’s annual event.