Record USD 9.3 Billion For Alibaba: Singles Day Adds To Revenue Treasure Trove
Record USD 9.3 Billion For Alibaba: Singles Day Adds To Revenue Treasure Trove
China’s leading e-commerce giant Alibaba indicated that consumers spent a record $9.3 billion during the 24 hour promotional event, Singles Day. This is the biggest online retail event of all times as the Singles Day yielded a rich treasure trove for Alibaba. Shoppers spend a staggering sum of USD 3.5 billion. This is 60 percent more than the USD 5.8 billion sales recorded for the same day in the past year, a statement by the group said.
This proved to be much more in terms of major shopping days in the US as far as transaction value is concerned. This surpassed the combine online sales of $ 5.3 billion recorded on Black Friday as well as Thanksgiving Day through to Cyber Monday in the past year, as per the data compiled for this by noted analytics firm comScore, according to Business Standard.
November 11 this year was promoted as the Singles Day by Alibaba. it was named so for the number of ones within the date since the year 2009. Internet shoppers in China represent the world’s largest online, e-commerce population. Marketed as an “anti-Valentine’s day” in China, this day featured considerable discounts for value and price conscious buyers as well as singletons.
This day was expanded on an international scale this year. The inclusion of more than 27,000 overseas brands and merchants as well as customers from a grand total of 217 countries and regions let to the generation of record sales for the Chinese e-commerce firm. This treasure hunt certainly proved to be successful for Alibaba.
The total number of transactions made each minute increased to 2.85 million.
"We are very happy with the results of this year's 11.11 shopping festival," said Alibaba’s CEO Jonathan Lu. "We are particularly encouraged by the growing trend of consumers embracing mobile shopping on a global stage,” he also added. Around USD 4 billion or 42.6% of the total were through mobile devices.
“The key thing you are seeing is the unleashing of the consumption power of the Chinese consumers,” said Joseph Tsai, the executive vice chairman of Alibaba Group at a media briefing as quoted by Forbes. “China has been an economy that’s driven by exports and investments. We are really seeing the shift of the economy from one that focused on the state sector to consumption (via) everybody on the street.”
A majority of the transactions were processed on Aliyun which is a cloud computing platform developed by this Chinese e-commerce giant about 6 years ago. 2009 was the first year that the Singles Day was launched. COO Daniel Zhang was quoted as saying that a record 70,000 ordered were processed per second on the platform.
Zhang also said that not a single case of purchasers who were allowed to place more orders than those provided by the merchants. “Going global is one point of experimentation this year,” said Alibaba Chairman Jack Ma to Forbes. “We would like to prepare for all-out internationalisation three to five years down the road. The purpose is to enable small companies and consumers all over the world to buy and sell online one day,” he was also quoted by Forbes as saying.
