Alibaba has set another Single’s Day record after the e-commerce giant sold over $25 billion of product on the Chinese biggest online shopping date. Sales during Singles Day, also known as Double 11 for the November 11 date, blazed to $1.5 billion within three minutes of starting at midnight on Saturday. The full number comes in at 163.8 billion RMB, that’s roughly $25.4 billion, in GMV — Gross Merchandise Value.
— Alibaba Group (@AlibabaGroup) November 11, 2017
Shoppers from at least 192 countries and regions swarmed the e-commerce giant to scoop up discounted lobster, iPhones and literally everything, at a rate of as many as 256,000 transactions per second. The Chinese company hosted a star-studded gala enlisting tennis star Maria Sharapova and American rapper Pharrell Williams to pump sales. According to Alibaba, during the event on 2016 they processed more than a billion payment transactions in total, with 120,000 transactions per second at peak and their distribution system processed more than 657m delivery orders.
“This is a big event for China, for the Chinese economy,” Joseph Tsai, Alibaba’s co-founder and vice chairman, said. “On Singles’ Day, shopping is a sport, it’s entertainment.”
A decade ago, November 11th was a cultural ‘celebration’ of single people in China. In 2009, retailer Alibaba turned the day into the country’s version of Black Friday — and eight years later, sales from the Chinese e-commerce’s one-day event has nearly doubled those from Black Friday and Cyber Monday in the US combined.
By comparison, American shoppers spent more than $5 billion last year shopping online on Thanksgiving Day and Black Friday, according to Adobe. Total online retail sales in India during 2016 were estimated to be worth about $16 billion.