E-commerce giant Alibaba’s Singles’ Day sales on Monday hit USD 10 billion in less than 30 minutes of the event going live.
The Alibaba Group’s several shopping platforms’ total gross merchandise value (GMV) exceeded USD 10 billion in only 29 minutes and 45 seconds, while it took just 1 minute and 8 seconds to achieve a total GMV of USD 1 billion after the Chinese e-commerce behemoth kicked off it’s 11.11 Global Shopping Festival.
Within the first 2 hours, the total GMV exceeded 120.7 billion renminbi (USD 17.24 billion), exceeding the total GMV of 2016 11.11.
Some of the top nations selling to China by GMV included Japan, United States, South Korea, Australia, Germany, the United Kingdom, and France. According to Alibaba, the number of orders produced at the peak of the year 2019 11.11 Global Shopping Festival reached 5,44,000 orders per second, which is 1,360 times that of the first edition of the festival held back in 2009.
The shopping festival, also known as Double 11, will draw to a close at midnight.
The event is also referred to as Singles’ Day because its date, 11/11 (November 11), consists of 4 ‘ones,’ representing four singles, which has risen as the world’s biggest shopping festival.
Last year, it raked in a record USD 30.8 billion in GMV, eclipsing the Cyber Monday sales of USD 7.9 billion and Black Friday sales at USD 6.22 billion.
The 11.11 Global Shopping Festival Celebration witnessed a performance by Grammy Award-winning singer-songwriter Taylor Swift and a host of other international and local celebrities.
More than 2 lakh brands from 78 countries and regions participated in 11.11 this year, with one million new products on offer.
(Except for headlines, this story has not been edited by GOVT staff and is published from a syndicated feed.)