Alibaba break China again, through its Singles Day sales record on Sunday. The gross merchandise value (GMV) hit over $30.8 billion in sales in the 24-hour shopping event. That topped the $25.3 billion record set in 2017. Singles Day got off to a strong start with sales hitting $1 billion in one minute and 25 seconds.
Some snapshots from the past 24 hours of my behind the scenes experience as part of the Alibaba “B2B influencers” group: 11.11 gala last night, then seeing the numbers come in at midnight at the media center, touring Hema and having lunch at the Robotic restaurant, and now at the Starbucks Roastery, the largest Starbucks in the world.
It’s been amazing getting a behind the scenes look at these businesses, to hear from executives about their strategies, and to share opinions and have great discussions with the other members of this incredible group of people. Still digesting everything I’m learning.
Alibaba sets a new record in the Bachelor's Day with more than $ 30.8 billion in sales in 24 hours
The gross merchandise value (GMV), a figure that shows sales in the various shopping platforms of the Chinese e-commerce giant, exceeded the record $ 25.3 billion last year, around 5:34 p.m. SIN / HK (4:34 a.m. ET) on Sunday, and kept moving forward for the rest of the day.
In terms of Chinese currency, GMV totaled 213.5 billion yuan, easily surpassing last year's figure of 168.2 billion yuan and representing a year-on-year increase of almost 27 percent. However, that was less than the 39 percent year-on-year growth registered in 2017.
On Sunday, Alibaba tore the sales record of the Bachelor's Day last year, accumulating more than $ 30.8 billion in the 24-hour shopping event.
Employees applaud in front of a screen that shows that Alibaba's sales volume exceeds 213.5 billion yuan (about 30.7 billion US dollars) at 24:00 during the 11.11 Global Shopping Festival of the Alibaba Group on November 12 of 2018 in Shanghai, China. source
Employees applaud in front of a screen that shows that Alibaba's sales volume exceeds 213.5 billion yuan (about 30.7 billion US dollars) at 24:00 during the 11.11 Global Shopping Festival of the Alibaba Group on November 12 of 2018 in Shanghai, China. The gross merchandise value (GMV), a figure that shows sales in the various shopping platforms of the Chinese e-commerce giant, exceeded the record $ 25.3 billion last year, around 5:34 p.m. SIN / HK (4:34 a.m. ET) on Sunday, and kept moving forward for the rest of the day.
In terms of Chinese currency, GMV totaled 213.5 billion yuan, easily surpassing last year's figure of 168.2 billion yuan and representing a year-on-year increase of almost 27 percent. However, that was less than the 39 percent year-on-year growth registered in 2017.
Alibaba's GMV Single Day surpassed last year's figure in terms of yuan before it toppled the dollar record. The Chinese currency is weaker against the dollar than a year ago, which means that more yuan sales are required to obtain the same amount in dollars.
It was the tenth annual Bachelor's Day event, which is also known as the Double 11 shopping festival because it is celebrated on November 11. During the 24-hour period, Alibaba offered huge discounts on its e-commerce sites such as Tmall.
The sales of Alibaba's Singles Day easily exceeded consumer spending during any holiday shopping in the US. UU
The event had a strong start with sales that reached $ 1 billion in one minute and 25 seconds. Just over an hour and sales exceeded $ 10 billion, five minutes and 21 seconds faster than last year. The number of orders for delivery exceeded one billion.
