Alibaba had broken its Singles Day sales record in the first 15 hours of the shopping festival, and not surprisingly ended the day on a high. The Chinese e-commerce giant reported a whopping $9 billion in sales by the end of the day, Reuters reports. Also Read - Jack Ma's Alibaba fined record $2.7B by ChinaAlso Read - Ant Group ordered by China to reexamine its fintech businesses and return to its roots as a payments service
At midnight, the real-time counter at Alibaba s HQ showed that the company had reported sales of 57.1 billion yuan or $9.3 billion. This is way more than the 35 billion yuan ($5.70 billion), the company managed to notch up last year. In fact as mentioned above, Alibaba had crossed the 35 billion yuan mark in about 15 hours since the sales kicked off. The company had sold goods worth $1 billion in an impressive 17 minutes, and touched the $2 billion mark in just above an hour. Also Read - India bans 43 more Chinese apps over security concerns
The publication mentions how much of this achievement is down to the pre-sales initiative. The merchants on the e-commerce platform had essentially started taking deposits for goods as early as October 15, and only processed the full payment, and shipped them yesterday.
You’re seeing the unleashing of the consumption power of the Chinese consumer, Joe Tsai, Alibaba’s executive vice chairman, told the publication.
China s Singles Day sale is now considered to be the biggest online shopping festival in the world. This year s numbers are more than double of the combined sales in the US on Black Friday and Cyber Monday. To put further perspective into the scale of Singles Day, Flipkart managed to rake in $100 million in 10 hours on its Big Billion Day sale earlier this year.
Singles Day has been celebrated for the past two-decades by China s bachelors, which falls on November 11. If you are into symbolism, the November 11 is written as 11/11, which depicts four singles. In 2009, Alibaba morphed the festival into a multi-billion dollar online shopping festival. What started as a shopping festival with around 27 merchants now has more than 27,000 participating merchants, and reaches shoppers in more than 200 countries. Sales too have grown by a whopping 5,740 percent from 2009 to 2013.