Alibaba sets Singles Day sales record of $38.4bn

Must Read

PepsiCo Elects Segun Agbaje To Board Of Director

PepsiCo, Inc. (NASDAQ: PEP) today announced its Board of Directors has elected Segun Agbaje as an independent member of...

List of Guaranty Trust Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is...

FG to shut Third Mainland Bridge on July 24 for 6 months

The Federal Government is set to shut the Third Mainland Bridge for six months starting from Friday, July 24. This...

Alibaba Group shattered its 2018 $30.8 billion Singles Day sales record, raking in $38.4 billion in sales across its platforms during the 2019 11.11 Global Shopping Festival. This reflects an increase of 26% compared to 2018 and is more than six times the amount of online sales made in the US on Black Friday last year.

The Chinese retail giant reports that in the first minute and eight seconds, gross merchandise volume (GMV) settled through Alipay reached $1.0 billion, and in the first hour, GMV settled through Alipay reached $12.0 billion.

Alibaba sets Singles Day sales record of .4bn

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”, according to Alibaba. More than 200,000 brands participated in this year’s event and 1 million new products launched on the day.

- Advertisement -

Almost 300 brands earned more than $14.3 million, and 15 of those brands surpassed $143.0 million in GMV. Top-selling brands included Apple, Bose, Estée Lauder, Gap, H&M, L’Oréal, Levi’s, MUJI, Nestlé, Nike, Philips, The North Face, Under Armour and Uniqlo.

Read Also:  E-Commerce In Nigeria And The Battle Against Fake Products

The top five countries selling goods to China through Alibaba’s cross-border platforms were Japan, the United States, South Korea, Australia and Germany.

In the hours leading up to this year’s shopping event, Alibaba’s video streaming platform Youku hosted the fifth annual countdown gala, which included interactive performances from Taylor Swift and other international and domestic celebrities. Hosted at the Mercedes-Benz Arena in Shanghai, the gala was broadcast live across nearly 30 platforms and TV channels.

“Today we showed the world what the future of consumption looks like for brands and consumers,” said Fan Jiang, president of Taobao and Tmall. “We are meeting the growing demand of Chinese consumers and helping them upgrade their lifestyles while introducing new users to our digital economy from across China and around the world.”

- Advertisement -

Source: Bizcommunity

- Advertisement -
Alibaba sets Singles Day sales record of .4bnAlibaba sets Singles Day sales record of .4bn


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Alibaba sets Singles Day sales record of .4bnAlibaba sets Singles Day sales record of .4bn

Latest News

PZ Cussons seeks shareholders’ approval for Nutricima sale to FrieslandCampina

PZ Cussons Nigeria Plc has advanced discussions on the sale of its food and drinks subsidiary, Nutricima Limited, to...

Glo cuts cost of international calls by up to 55%

Nigerian operator Globacom has cut international call tariffs by as much as 55 per cent. Globacom said the reduced tariffs come without any subscription...

COVID-19 Pandemic in H2-2020: Any vaccine in sight?

Since the novel Coronavirus became a pandemic, the focus of governments, the World Health Organization, and multilateral agencies, has been on the need to...

Hyundai Motor Unveils Rendering of New Elantra N Line

Hyundai Motor Company today released a design rendering of the new Elantra N Line sport sedan and revealed other details about the new performance-inspired...

OMO Bears Emerge As Annual AMCON Charge Further Squeezes System Liquidity

KEY INDICATORS FGN Bonds The FGN bonds market traded on a mixed sentiment today, slightly bullish at the short-end and bearish at the long-end of the...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Alibaba sets Singles Day sales record of .4bnAlibaba sets Singles Day sales record of .4bn