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