The group said the total gross merchandise volume (GMV) spent in the first hour was $3.9bn and $7.1bn in 14 hours, making it the biggest online shopping day in the world.
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For Australian retailers, “Singles” Day’ showcases just how powerful china is as a market. Last year, Alibaba said consumers spent a record US$9.3 billion on November 11.
It may not have a lot of meaning to those of us living in the western world, but Singles Day is a big deal in China and is often thought of as their version of Black Friday.
Huge demand from China caused a shortage of premium organic baby milk formula in Australia. Before noon in China Wednesday, total orders surpassed that of past year by noon, JD said.
Specifically, Ma yesterday made cautionary comments about growth expectations in China and the impact on e-commerce giant Alibaba, according to Victor Anthony, managing director and senior Internet media analyst at Axiom Capital Management, CNBC.com reports. As of noon Beijing time, 71% of Alibaba’s sales on Singles Day came from mobile devices, up from 43% in 2014.
Moreover, one day of online discounts offers few clues about Chinese consumption.
It goes without saying that Alibaba’s one-day sale figures were even greater than that of Flipkart’s (which leads in India with a 44% market-share) six-day sale bonanza. Alibaba does take a small cut of sales on Tmall.
Chief executive Daniel Zhang said parts of this year’s event were being tailored to the growth area of mobile retail.
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This “Double 11” day was likely the most global, with 5,000 brands from the USA, Japan, South Korea, and Europe making their products available on Chinese e-commerce sites, including Macy’s of the US and Sainsbury’s of the United Kingdom, to shoppers from 200 countries and regions according to People’s Daily. This means that by the time Alibaba reached last year’s total, there was almost 10 hours of shopping left in the sales event.
