Alibaba reeled in record-breaking sales during this year’s Singles' Day event, generating $25.3 billion in revenue
Alibaba reeled in record-breaking sales during this year’s Singles' Day event, generating $25.3 billion in revenue, Business Insider reports. This marks a 39% year-over-year (YoY) increase in sales. Alibaba pulled in $1 billion in two minutes and one second after the start of the event, and $12 billion within two hours.
This massive event shows the potential of the Chinese market: Alibaba’s Singles' Day sales in the country nearly doubled the $12.8 billion that US retailers saw between Thanksgiving and Cyber Monday last year.
Alibaba worked to upgrade physical stores ahead of the festival, in order to leverage its growing physical presence and facilitate delivery.
The company's decision to push the event in Southeast Asia (SEA) proved fruitful.Alibaba-owned Lazada’s chief marketplace officer and cofounder said its Singles' Day campaign is the one it's invested in most for the year — taking priority over Cyber Monday, Black Friday, and other promotional days.
It brought in $123 million in gross merchandise value (GMV) this year during Singles' Day, up 171% YoY, while the number of marketplace orders increased 191% YoY. Although China's sales dwarfed SEA's, the region will be valuable as its e-commerce market expands in the coming years. The event’s success in the region is a positive indicator for future growth.
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