$45 billion in sales: China's e-commerce giants set a new record for Single's Day
14 November, 2017, 00:36
Promoted by Chinese e-commerce giant Alibaba, which claimed more than a million retailers worldwide took part this year, including for the first time United States department store Macy's, each year on 11 November companies offer discounts on a range of products for a limited 24-hour period.
13 hours - the time it took Alibaba to surpass its last year's 18.1 billion sales record, as reported by the "South China Morning Post". The dollar figure was up more steeply due to the strength of the yuan against the greenback this year. Alibaba recorded over $25 billion in revenue during the event's peak on Saturday.
But like Amazon in the U.S., Alibaba has a strategy to integrate online shopping with brick-and-mortar stores, which still make up 85% of total retail sales, according to the company. "The Singles' Day Gala combined entertainment, shopping and interactive involvement and that is why it is such a unique success".
Shoppers in Singapore, Malaysia, Thailand, Indonesia, the Philippines and Vietnam ordered 6.5 million items, 191 per cent or almost double that of previous year, Lazada said in a media release on Monday (Nov 13).
She also adds that people did not even put so much thought into shopping as there was not much to buyIn those days, kids would consider themselves lucky if they got a set of new clothes once a year.
The 11.11 shopping festival, also commonly referred to as Singles Day, began in 2009 with participation from just 27 merchants and was designed as event for merchants and consumers to raise awareness of the value in online shopping.
Tsai said rising disposable incomes of China's "over 300 million middle-class consumers" was helping drive the company's online sales - and would continue.
The e-commerce company saw sales rise 40% this year, an increase of $7.5bn on 2016.
Investors closely watch the headline number, though some analysts say the way it is calculated is too opaque.
The date of November 11 emerged as a counter-cultural antidote to the sentimentality of Valentine's Day. That investigation is as yet unresolved. The analyst writes, "While mobile was already a big driver of prior years' GMV growth, the percentage of Mobile GMV as a percentage of total GMV this year increased to 90%, versus 82% and 69% in 2016 and 2015, respectively". Billionaire founder Jack Ma is using it as a testing ground for his plans to revamp China's $4 trillion traditional retail sector with technology, an experiment that could help the behemoth gain an edge in China's saturated market.
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