Alibaba Singles’ Day sales touch $1 billion in 1 minute, $16.3 billion in less than 90 minutes
Alibaba is all set to break its last year record of Singles’ Day sales as it clocked more than half of what it did last year in less than 90 minutes. The retail e-commerce giant with a networth amounting to $486 billion is focusing on new consumpt...
The retail e-commerce giant with a networth amounting to $486 billion is focusing on ‘new consumption,’ ‘new business’ and green action this year. More than 200,000 brands from 78 countries are participating in the festival, with one million new products on offer.
There is also an increasing emphasis on the integration of online and offline shopping experiences through digitisation. “Customers enjoy convergence of online and offline. The full integration of the two mediums is a mega trend,” Chen Xiaodong, CEO, Intime Retail Group said while addressing the media. Intime Retail is a leading department store chain and mall operator in China. In 2017, Alibaba purchased a majority share of the company and delisted it from the Hong Kong stock exchange.
Xiaodong counted IOT, high speed communication technology, new manufacture and moving from product centric to consumer centric as some of the great trends that will be the ones to look out for. “Digitisation will help in real time foot traffic, order management, inventory numbers and potential areas of bottlenecks.”
New retail is one of Alibaba’s core strategies. In China, e-commerce accounts for around 18% of total retail. Their goal is to partner with offline merchants and digitally transform 82% of the offline retail world.
Incidentally, this year Bengaluru-based Himalaya Drug Company is doing quite well on Alibaba’s Tmall, its B2C arm for cross border e-commerce. Alvin Liu, General Manager, Tmall Global Import and Export said that they look forward to identifying more Indian merchants in the coming time. "The India product is very good and China’s consumption power is really strong. Alibaba Technology can be used to tell the Indian merchants that their product will become popular in China,” he said.
Liu also spoke of Alibaba’s focus on small businesses in China’s less developed markets in this year’s 11.11.
The Global Shopping Festival, hosted annually on November 11, is the world’s largest 24-hour online shopping event in terms of GMV. The event began in 2009 with a total of US $7.8 million in GMV. It has evolved from a 24-hour sales day to a global shopping and entertainment celebration, generating US$ 30.8 billion in GMV in one day in 2018.
This is more than the sales generated in US equivalent shopping holidays Black Friday and Cyber Monday. Taylor Swift headlined this year's opening gala alongside local celebrities like Jackson Yee.
(Disclaimer - The author is in Hangzhou on an official invitation from Alibaba.)