Sales officially opened at midnight, releasing a wave of pre-orders that shoppers had placed ahead of the event and propelling the first billion dollars of transactions in just under 5 minutes, Alibaba said on its official microblog.

Chinese e-commerce giant Alibaba Group Holding Ltd said it racked up more than $5 billion in transactions in the first hour of its annual ‘Singles’ Day’ sales blitz on Friday – a third more than in the first hour of last year’s spree.

The 24-hour event held annually on Nov. 11 offers a benchmark for Alibaba’s performance and an insight into China’s swing to online shopping, especially via smartphones. Launched in 2009, Alibaba’s version of the event was designed to encourage consumers without a partner to treat themselves.

Always accompanied by celebrity razzmatazz – sports stars David Beckham and Kobe Bryant attended Alibaba’s countdown this year – Singles’ Day shifts more goods than Black Friday and Cyber Monday in the United States combined. Sales on Alibaba platforms, which include Tmall and Taobao, are tipped to exceed $20 billion this year, up from $14 billion last year.

“Back in 2013, 35 billion yuan ($5.15 billion) was our one-day GMV (gross merchandise volume),” said Chief Executive Officer Daniel Zhang in a live microblog posting on Alibaba’s event. “Now we can achieve it in one hour.”

MOBILE SHOPPING SURGE 

Sales officially opened at midnight, releasing a wave of pre-orders that shoppers had placed ahead of the event and propelling the first billion dollars of transactions in just under 5 minutes, Alibaba said on its official microblog.

 

Read the complete story on NDTV.

Other sources: Blomberg, Next Shark, Times Of India, USA today, Vice News, Market watch, Cnet, The Globe and mail,  Yahoo Finance.

Advertisements