Chinese retailer Alibaba Group Holding Ltd’s sales for its 24-hour Singles’ Day shopping blitz hit a record $38.4 billion, more than U.S. rival Amazon.com Inc’s haul last quarter from online store sales. In 16 hours 31 minutes of the event going live, the total gross merchandise value (GMV) exceeded USD 31.82 billion (about RMB 223 billion), surpassing the total 2018 GMV of USD 30.8 billion. In 16 hours and 33 minutes, the number of delivery orders exceeded 1 billion, surpassing the total number of delivery orders of 2018 11.11, Alibaba said.
“This was 6 hours and 45 minutes faster than the time when the same record was achieved in 2018,” the Chinese e-commerce giant said. Alibaba Group Holding Ltd kicked off the 2019 11.11 Global Shopping Festival at 0000 hours on Monday as per Chinese time.
In the first one minute and eight seconds, GMV settled through Alipay reached USD 1.0 billion (RMB 7.0 billion). In the first one hour, GMV settled through Alipay reached USD 12.0 billion (RMB 84.0 billion). The 11.11 shopping festival began in 2009 with participation from just 27 merchants as an event for merchants and consumers to raise awareness about the value of online shopping. Talking about the evolution of 11.11 Global Shopping Festival, Chris Tung Chief Marketing Officer of Alibaba Group said the event has evolved from a promotional event into a global event.
Last year, it raked in a record USD 30.8 billion in GMV, eclipsing the Cyber Monday sales of USD 7.9 billion and Black Friday sales at USD 6.22 billion.