Nov 12, 2019 (China Knowledge) - Chinese e-commerce giant Alibaba Group (BABA) has brought in RMB 268.4 bln (USD 38.3 bln) in gross merchandise value (GMV) following its Singles Day, the world’s largest 24-hour online sales shopping event, up 26% from last year’s event.
Singles Day, also known as Double Eleven, is an e-commerce shopping bonanza held by Alibaba which falls on Nov 11 each year. The annual event sees large discounts offered to consumers across Alibaba’s e-commerce platforms.
According to Jiang Fan, president of Alibaba’s e-commerce platforms Taobao and Tmall, more than 100 mln new users participated in this year’s Singles Day. It is estimated that the total number of shoppers is around 500 mln, with most of these consumers coming from China, Russia and Argentina.
Within the first hour of the event, Alibaba raked in total GMV of USD 12.01 bln, with sales surpassing that of 2016 upon the one and a half hours mark. Total sales continued to rose throughout the day, and eventually broke Alibaba’s all-time Singles Day sales record.
This record sales by Alibaba comes amidst the backdrop of on-going trade tensions between China and the U.S, which has created much uncertainties among investors. However, American brands performed well during the event, and showed no signs of slowdown in consumption, especially within the Chinese market.
Alibaba shares (BABA) closed at 186.71 in NYSE on Monday, up 1.02% from its opening price of 184.82.
In recent years, Singles Day has expanded both within and outside of China. Consumption has increase among lower-tier cities in China, and regions such as Southeast Asia have also experienced increase online sales during the period.
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