Alibaba Singles Day Sale Breaks Record With $25B USD Sold

12 November, 2017, 01:57 | Author: Pamela Mathis
  • Not enough

Chinese online shopping giant Alibaba (Berlin: AHLA.BE - news) says it took in almost 20bn yuan (£2.1bn) in sales in a matter of minutes at the opening of its Singles' Day annual discount sale extravaganza. These sales were added towards the total sales for Singles' Day. The day of shopping brings in more sales than Black Friday and Cyber Monday combined in the US.

Alibaba's platforms saw a billion dollars in sales volume hit in just two minutes.

Joe Tsai, co-founder and vice-chairman of Alibaba Group, told 700 reporters from all over the world in Shanghai that a total of 140,000 brands are taking part this year, up 40 per cent from last year.

Just a little past halfway through the day Alibaba crossed last year's GMV (gross merchandise value) of $17.7 billion. Alibaba created the 11.11 event as "Singles Day" back in 2009.

This year, Nicole Kidman and Pharrell Williams were among the guests.

Couriers and robots are expected to deliver an estimated 1.5 billion parcels over the next six days. It takes its name from the way Nov 11 is written numerically as 11/11, which resembles "bare branches", a Chinese expression for the unattached.




The yearly display of rising Chinese consumer spending power has become a key date for manufacturers and retailers in the country, accounting for a significant share of annual orders for many businesses.

A decade ago, November 11th was a tongue-in-cheek cultural "celebration" of single people in China.

The company has converted about 100,000 retail stores to "smart stores", which will allow consumers to receive tailored shopping experience with the use of facial recognition, "cloud shelf" and location-based store and discount recommendations among others.

Greenpeace said "Singles Day" deliveries past year resulted in 130,000 metric tons (143,000 short tons) of packaging waste in what it called a "disaster for the environment".

It is a reminder for Malaysians of the recently-launched Digital Free Trade Zone (DFTZ) in Sepang, Selangor, one that is touted to achieve similar success to Alibaba and 11.11, but with Malaysian small-medium enterprises (SMEs).

"This is just the start".

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