Jack Ma's Alibaba Generates RM4 Billion In The First 8 Minutes Of Singles' Day Sales

Jack Ma isn't playing around.

Cover image via todayonline

Alibaba is staging its annual Singles Day shopping bonanza that is set to eclipse last year's record one-day transaction of USD9.3 billion (RM39 billion)

Alibaba founder Jack Ma.

Image via Nikkei

E-commerce giant Alibaba Group Holding Ltd (BABA.N) reported more than $9 billion in sales on China's Singles' Day last year, illustrating the buying power of the Chinese consumer and the importance of the event in the retail calendar.

The e-commerce giant stated early this morning that it has generated more than USD1 billion (RM4.35 billion) in just 8 minutes. INSANE!

Live data streaming of Alibaba’s Singles Day sale

Image via Forbes

Alibaba generated more than $1 billion in sales in the first eight minutes of this year's Singles' Day shopping event, beating last year's record of 17 minutes to hit the billion-dollar mark, the company reported early on Wednesday.

After the 17th minute, the company raked in USD2 billion and by the first hour... USD3.9 billion in earnings! That's RM17 billion!

The Chinese e-commerce giant clocked its second billion by the time the first 17 minutes and 29 seconds of the retail extravaganza had passed, and by the first hour, it had clocked up $3.9 billion in gross merchandise volume (GMV).

GMV is the total amount settled through mobile wallet Alipay across domestic and international platforms.

According to Bloomberg, this year's Singles Day earnings could soar to USD13.7 billion (RM56 billion)

A screenshot of Alibaba's website.

Image via Alibaba

Alibaba’s Singles’ Day turnover may soar to 87 billion yuan ($13.7 billion), according to researcher IDC. The prediction for a record comes as China re-balances the economy away from relying on investment toward greater consumption.

“Chinese consumers are living in a super-connected world where the convenience of online shopping has become the norm,” Yan Xuan, president of Nielsen Greater China, said in a statement. “We expect this growth trend to continue.”

What is Singles Day? It's known as the world's largest online shopping day, more so than a celebration of being single.

Image via Alibaba

Ostensibly, November 11 is Singles' Day in China, an offbeat, casually-observed holiday said to have started in the early-1990s by university students thumbing their noses at Valentine's Day by buying each other presents anyway to celebrate – or commiserate – being single. The day was picked because the way the date is written numerically (11.11) is reminiscent of "bare branches", a Chinese expression for bachelors.

Alibaba first began its massive marketing push in 2009, offering large discounts on everything from televisions and smartphones to food and cosmetics on its Tmall and Taobao Marketplace. The day is now best known in Chinese simply as "Double Eleven" – a registered trademark of Alibaba. It's now known as the "world's largest online shopping day."

Thankfully for us, a number of local online retailers have also launched their own 11.11 sale, like:

Zalora Malaysia's very own Singles Day sale.

Image via Zalora Malaysia

Zalora Malaysia
Lazada Malaysia
Groupon Malaysia

You could also head to the all new SAYS Coupon page for more discounts and deals!

Happy shopping! :D

Image via Giphy

All you need to know about the man who is famously referred to as 'Crazy Jack':

Alibaba has been made history in recent years, they are definitely a force to be reckon with!