A lot was being discussed about Flipkart big billion sales, lot of criticism and how Flipkart’s single day sales will change the way retail industry in India will work, and here is alibaba’s version of big billion day. This will surely change the face of e-commerce industry.
Today is Singles’ Day in China. In case you missed the media hype and have no idea why November 11 (11/11) is significant, it’s China biggest e-commerce sales day.
Last year,Alibaba did $5.75 billion in sales across its two biggest shopping services — its Taobao Marketplace and T-Mall site for brands — and already the company has broken its first major milestones today.Taobao and Tmall, Alibaba’s two main platforms, topped 35 billion yuan ($5.75 billion) in the 24-hour period, surpassing last year’s sales of 19.1 billion yuan, the company said on its official Twitter Inc. account.
“The spectacular growth rate shows the potential for online shopping,” said Ronald Wan, chief China adviser at Asian Capital Holdings Ltd., which has about $100 million of assets under management.
First Hour of sales [a billion in 17 minutes]
Alibaba said it clocked its first $1 billion this year in less than 20 minutes — by 12.17am to be precise. That milestone is measured in the value of goods sold — gross merchandise volume, GMV — not actual revenue, however, but took it took one hour to clock the same figure last year, which suggests this year’s sales will be higher still.
Second Hour [another $B]
The company went on to notch its second billion in GMV one hour and 12 seconds in the sales.
After 7 hours [multi $B]
It passed $10 billion seven and a half hours into the day. For comparison, Cyber Monday in the U.S. generated a record $2.29 billion in sales last year.
It’s pretty clear that Singles’ Day 2014 is poised to break all records once again. Last year, Alibaba notched an 80 percent growth in sales compared to the shopping day in 2012, but this year it has widened its efforts behind Mainland China, with sales expanding worldwide. The company said early traffic was strongest from China, Taiwan, Hong Kong and the U.S. too.
Finally, more wow figures to give you a sense of perspective: Alibaba estimates that 27,000 merchants and 42,000 brands will be involved in the 11/11 sales this year. That covers Tmall, Taobao, and also its AliExpress and Tmall Global services for customers outside of China.