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Alibaba’s 11.11 Singles-Day Sale Breaks 10 Billion RMB In First 40 minutes


Alibaba Singles Day-observer solutions

According to the latest data from Alibaba’s Tmall, its 11.11 Singles-Day sale broke 10 billion yuan- $1.63 billion USD within 38 minutes 28 seconds after it began. 45.5% of the transactions were completed through mobile devices. In comparison, it took Alibaba 5 hours and 49 minutes to reach 10 billion RMB during last year’s ‘Single’s Day’.

Alibaba’s 11.11 Singles-Day Online Shopping Festival, which is already the largest online shopping day around the world, is aiming to set a new record of $8 billion in sales this year. Last year on Nov. 11, $5.78 billion (35 billion yuan) worth of goods were sold in the 24-hour period on Alibaba’ C2C marketplace Taobao and B2C site Tmall. To put this into perspective, online sales on Black Friday and Cyber Monday in the US totaled $2.9 billion in 2013.

China’s Singles-Day Shopping Festival is held annually on Nov. 11. It was started by Alibaba in 2009, when 27 Tmall merchants offered discounts to perk up sales during an otherwise slow period. Over the last several years, it has grown into a nation-wide shopping frenzy that not only Alibaba but JD, Suning and many other e-commerce companies also participate in – when millions of Chinese online shoppers frantically click their mouses to find the best deals and enjoy 50 percent discounts off of thousands of products.

In addition to the $8 billion target, Alibaba announced recently that it will also take this year’s Singles-Day Online Shopping Festival international as its cross-border shopping site Tmall Global which lets Chinese consumers buy directly from overseas will also be a part of the promotion.

Moreover, AliExpress, Alibaba’s international C2C marketplace will offer consumers in other counties 50 percent discounts on about one million product listings. AliExpress is growing rapidly in markets including Brazil and Russia. It was reported that AliExpress holds 20% of Brazil’s cross-border online shopping market share after only one year of operation.

 

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