More than US $7 billion of gross merchandise volume was settled through Alipay on singles day today, within its first two hours of opening.
The company announced an astonishing boost in sales, in Alibaba’s China and international retail marketplaces for this year’s 11.11 Global Shopping Festival, also known as Single Day.
“Chinese consumers purchased more in the first hour of 11.11 this year than the entire 24 hours in 2013, reflecting the incredible evolution of our global shopping festival. This unprecedented level of engagement demonstrates both the consumption power of Chinese consumers and their embrace of online shopping as a lifestyle,” said Alibaba Group’s chief executive officer Daniel Zhang.
In the hours leading up to the official midnight start of November 11, millions of viewers watched the Alibaba Group 11.11 Global Shopping Festival Countdown Gala live online and on mobile devices via Youku Tudou, and the Tmall and Taobao apps.
The gala was televised live across China through Zhejiang Satellite TV, as well as in Hong Kong and Macau for the first time.
“This year, we innovated new ways for consumers watching the live broadcast of our countdown gala. Viewers were able to influence the production of the show in real-time through their mobile phones,” said Alibaba Group’s chief marketing officer Chris Tung.
“Consumers in front of their televisions were shaking, tapping, scanning, chatting, browsing and buying with their mobile devices, creating a seamless and truly immersive entertainment experience.”
The annual shopping event kicked off earlier today at 12:00 a.m. China Time. Early highlights included:
- Within the first 5 minutes, total gross merchandise volume (GMV) settled through Alipay exceeded US $1 billion
- In the first hour, total GMV settled through Alipay was US $5.2 billion
- In the first two hours, total GMV settled through Alipay was US $7.2 billion and mobile GMV settled through Alipay accounted for 84 percent of total GMV
The 11.11 shopping festival began in 2009 with participation from just 27 merchants as an event for Tmall.com merchants and consumers to raise awareness of the value in online shopping. Seven years later, 11.11 has become a global event with participating merchants in the tens of thousands, buyers in the millions, and total sales in the billions.
Alibaba Group Holding Limited is a Chinese e-commerce company that provides consumer-to-consumer, business-to-consumer and business-to-business sales services via web portals. It also provides electronic payment services, a shopping search engine and data-centric cloud computing services. The group began in 1999 when Jack Ma founded the website Alibaba.com, a business-to-business portal to connect Chinese manufacturers with overseas buyers.