Alibaba registers sales over $5 billion within two hours on Singles Day in China

Alibaba registers sales over $5 billion within two hours on Singles Day in China

E-commerce major Alibaba has reported massive sales volume on Singles Day in China. Within first five minutes of sale, Alibaba registered orders over $1 billion and market experts see it breaking previous records. During first two hours, the ecommerce giant registered orders above $7.2 billion compared to $14.3 billion total order volume during last year’s sale.

Comparing Singles Day event to Black Friday and Cyber Monday in the United States, Alibaba fares much better in terms of sales volume. Last year, Black Friday and Cyber Monday accounted for $3 billion in sales volume.

As per a Bloomberg report, the massive response to Singles Day sale by Alibaba can be considered as a strong indicator of Chinese economy and the spending power of the Chinese consumers. Even last year, Alibaba reported strong surge in sales during Single Day. This year could be even better.

Alibaba CEO Jack Ma has set his eyes on the U.S. and U.K. market and the company aims to generate half of its revenue from sales outside China by year 2025. Alibaba is planning to launch the sales festival in markets outside China in upcoming years.

This year, sports stars David Beckham and Kobe Bryant attended Alibaba's countdown for the sale. Singles Day was launched by Alibaba in 2009 and the event has registered strong growth each year.

In an official post on Alibaba blo, Chief Executive Officer Daniel Zhang said, "Back in 2013, 35 billion yuan ($5.15 billion) was our one-day GMV (gross merchandise volume). Now we can achieve it in one hour."

A report published by Reuters informed, “Alibaba is not the only retailer to mark Nov. 11 with a massive sales drive. China's no. 2 e-commerce player - and bitter Alibaba rival - Inc and many others also offer discount deals on the day.”


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