Preliminary results from China’s Singles’ Day shopping extravaganza show some insane results, including topping US$2 billion in sales in just over 17 minutes.
Last year, China’s Singles’ Day—a day of celebration for single people, which occurs on November 11th—surpassed Black Friday in the United States to become the world’s largest shopping day.
This year, the world once again saw why with some truly mind-bending numbers.
The Alibaba Group has reportedly generated US$5 billion gross merchandise volume (GMV) in the first 90 minutes of China’s Singles’ Day Global Shopping Festival.
According to the company, it took just over 17 minutes to generate US$2 billion. To put that into perspective, Australians spent about $2.1 billion over the entire 2014 Boxing Day sales period. Singles’ Day blasted past that in less than 15 minutes.
This year, the 2012 Singles’ Day GMV total of US$ 3.1 billion was surpassed within 31 minutes.
The annual shopping extravaganza kicked off today at midnight in China. Early highlights include:
- Total GMV settled through Alipay exceeded US$5 billion (RMB 31.8 billion) in the first 90 minutes.
- Total GMV exceeded US$1 billion within the first eight minutes.
- Total GMV exceeded US$ 2 billion in 17 minutes and 29 seconds.
- Total GMV exceeded the total GMV of Alibaba’s 2012 Singles’ Day Shopping Festival of US$3.1 billion within 31 minutes.
- Mobile GMV accounted for 72 percent of total GMV.
- Total GMV was US$3.9 billion in the first hour.
- Mobile GMV was US$2.9 billion in the first hour, which accounted for 73.9% of total GMV, compared with 45.7% of total GMV within the first hour of last year’s festival.
- Total number of mobile buyers was more than 27 million in the first hour.
This year’s 11.11 Global Shopping Festival features more than six million products from more than 30,000 brands sold by over 40,000 merchants. According to the Sydney Morning Herald, 760 million packages from 5,000 warehouses will be delivered over the 24-hour shopping festival.
Daniel Zhang, chief executive officer of Alibaba Group said in his opening remarks for the 11.11 Global Shopping Festival Countdown Gala, “This year, Alibaba Group has transformed 11.11 into an unprecedented mobile shopping experience. Over the course of the 24-hour shopping marathon, consumers will have a new surprise every hour that has been especially tailored for mobile users. The whole world will witness the power of Chinese consumption this November 11.
“At each 11.11, Alibaba’s infrastructure is put to the test and our technological capabilities are taken to the next level,” said Zhang. “Last year, we handled a record-breaking 80,000 orders per second at peak. This year, we expect to handle 120,000 orders and 60,000 payments at peak per second. It will be a proud achievement for us.”
In the lead up to the event, Alibaba hosted a four-hour TV spectacular featuring top Chinese pop singers and movies stars, as well as cameos from Daniel Craig, as James Bond, and Kevin Spacey, as President Underwood from House of Cards.