Singles’ Day is a shopping holiday in China where 1000s of merchants offer deep discounts and other promotions. Consumers spent around $9bn last year, surpassing American shoppers’ spending on Black Friday and Cyber Monday combined.
Chinese e-commerce giant Alibaba’s Singles’ Day had $1bn of sales in the first 8 minutes and nearly $4bn in sales from 27 million shoppers in the 1st half an hour, exceeding last year’s results, becoming the world’s largest online shopping spree. It looks like total sales will exceed analysts’ estimates of $13bn.
Alibaba’s Singles’ Day has accumulated $10bn of general merchandise value as of 2:05pm Wednesday 10th November. The e-commerce giant said that mobile GMV accounted for 70% of the total on its international retail marketplaces. After an hour and a half, total GMV settled on Alibaba platforms exceed $5bn.
The company highlighted how more than 30,000 merchants from 25 countries are taking part in the 2015 Singles’ Day. Some already have shops set up on Tmall.com, Alibaba’s business-to-consumer platform. Yet Alibaba said it has been working with foreign brands that do not have a presence in China to create a seamless channel for them to reach Chinese consumers. It has also signed numerous agreements with governments to enable easier access to a country with a middle class craving imported goods. Alibaba said it projected key imported product categories to include maternity, fashion and apparel, cosmetics and health and nutrition.