Daily Management Review

Alibaba sales hit $56.4B on Singles Day


Sales on Alibaba's electronic trading platforms have already exceeded 372.3 billion yuan (56.4 billion dollars) over the period of the world's largest global online sale in China, according to preliminary official figures.

Gerard Stolk
Gerard Stolk
"Since midnight on 1 November, total turnover has exceeded 372.3 billion yuan," the company says. It is also noted that the number of orders per second in the peak period reached 583 thousand.

This year's sale was attended by more than 800 million buyers, 250 thousand brands and 5 million shops. At the same time, it is noted that sales of 13 brands have already exceeded the mark of 1 billion yuan, and 342 brands, including Apple, Haier, L'Oreal and others, have already managed to sell goods worth over 100 million yuan each.

This is the 12th time the festival has been held, and this year the format has slightly changed. Previously it was a daily sale, but two so-called sales windows were opened this year, and goods at discounts could be purchased from 1 to 3 November, as well as for 24 hours starting at midnight on 11 November.

Goods at Alibaba's sites are bought not only by customers from China, but also from other countries. So far, the largest number of foreign orders have come from the USA, Russia, Malaysia, Singapore, Spain, Australia, South Korea, Japan and Canada.

The first Alibaba Sales Festival with only 27 retailers took place in 2009. At that time, the aim of the event was to draw attention to the importance of e-commerce. However, over the last 10 years, the event has become the largest sale in the world, the amount of purchases during which exceeds the scale of the American Black Friday and Cyber Monday combined.

source: bloomberg.com