The $1 billion milestone of merchandise sales on Alibaba’s group of retail platforms was reached when the clock at their corporate headquarters in Hangzhou struck 12:17 am – barely 17 minutes after midnight and into the day of Nov 11, China’s Singles Day, a day turned by the same company into a 24-hour shopfest of heavily discounted online sales.
By the end of the day, their digital cash registers rang in a cool $9.3 billion (57.1 billion RMB), handily smashing last year’s record of $5.8 billion.
To help grasp the relative size of that online sales figure, Americans spent $2.9 billion on Black Friday and Cyber Monday, the largest online sales days in the US – combined.
The 11.11 (Nov 11, or more popularly referred to as Double 11 locally) Shopping Festival involved 27,000 merchants and 42,000 brands selling on Alibaba’s group of e-commerce websites including Tmall.com, Tmall Global, Taobao Marketplace and AliExpress. It also involved other components of the ecosystem created around China’s largest e-commerce merchant, including Alibaba’s own e-payment provider Alipay and a consortium of shipping and delivery companies.
Nearly half of all transactions were performed via mobile devices, according to Alibaba.