China’s Singles Day this year was more than double the e-commerce sales in USA from Thanksgiving, Black Friday, and Cyber Monday combined. E-commerce giant Alibaba smashed the singles day sales record at noon, and all this frenzied shopping is making someone a little envious.
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In the first eight minutes of the sale on Wednesday, the company said it racked up US$1 billion worth of sales.
A Nielson survey showed, 56 percent of internet users in China will shop online on Single’s Day this year, with an estimated 17 hundred yuan to spend for each individual.
Huge demand from China caused a shortage of premium organic baby milk formula in Australia.
“The whole world will witness the power of Chinese consumption this November 11”, said Alibaba’s chief executive officer Daniel Zhang, in a release by the firm. A few 94 million buyers took to the online platform in order to purchase mobile phones and accessories which account for 69% of the total sales for the day.
This year, within the first half hour, Alibaba said it had $3 billion in sales. According to China’s government figures, in all, Singles Day will generate $760 million in shipments. With billions spent on shopping, this has become the world’s biggest online shopping day of the year.
Alibaba Group Holding Ltd. said the total value of goods transacted during its Singles’ Day shopping festival was 91.2 billion yuan ($14.32 billion).
Announcing record profit, up 60 per cent on last year’s Single’s Day, Alibaba revealed that just over two-thirds (68 per cent) of orders were issued through mobile, glancing insight into the usually secretive company’s operations.
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This year’s 11.11 Global Shopping Festival features more than six million products from more than 30,000 brands sold by over 40,000 merchants. While average consumers flock to cheap online deals, conventional retailers with many employees struggle to increase sales of high-end merchandise.
