Aibaba broke its earlier record of of $9.3 billion worth of transactions in a single day sale set last year by itself, as the company touched $10 billion on Wednesday afternoon, according to unaudited company figures.
Chinese e-commerce giant Alibaba is staging a shopping bonanza that looks set to eclipse its own record set just one year ago.
Compared with $2 billion recorded in about an hour during the 2014 sales event, the company said it generated more than $3.9 billion in gross merchandise value (GMV) within the first hour of its Singles Day sales this year. The number has risen to $5 billion within the first 90 minutes and $6.56 billion by 7:45 this morning.
Most of the transactions have been for smartphones. 74% of the total GMV was accounted for by mobiles within the first hour compared to 46% during the same time in last year’s event.
“This year, Alibaba Group has transformed 11.11 into an unprecedented mobile shopping experience,” Alibaba Chief Executive Daniel Zhang said in a statement.
“Over the course of the 24-hour shopping marathon, consumers will have a new surprise every hour that has been especially tailored for mobile users,” he added.
The company utilized a three hour gala just before kicking off this year’s discount day with top Chinese celebrities alongside James Bond’s Daniel Craig and a cameo from Kevin Spacey, who wished Chinese consumers a happy shopping experience as “President Underwood” from the television series House of Cards
Meanwhile, as the company seeks to bring more international sellers to the Chinese market, Alibaba announced that it would open two more offices in the U.S. These would be set up either this year or in the first quarter of next year.
Michael Evans, the group’s president in charge of its international operations, said in response to a media question that the offices would be set up in New York and in Washington, D.C. in response to a media question. The company has three functional offices in Seattle, San Mateo and San Francisco and the new office additions would bring the number to five.
Through the introduction of more foreign brands to its shopping platforms, Alibaba is seeking to build itself into a “gateway to China”. Another theme of the company is going global which was evident in the brands that were offered in this year’s Single’s Day where discounted items, such as American fruits, Chilean seafood, French cosmetics and Italian fashion were offered.
The data that would be gathered form the single day sale would allow foreign brands to know what types of products appeal most to Chinese consumers, said Evans. In order to identify the best products for its domestic market, Alibaba is currently working with 30 fresh food associations as well as embassies.
“Many merchants we are talking to today are very, very interested to see how well they do relative to the expectation we presented to them,” he said.
The expansion spree of the company is also evident in Europe where it announced London to be its regional hub and there were plans to open up offices in France, Germany and Italy.
(Source:www.forbes.com)
Chinese e-commerce giant Alibaba is staging a shopping bonanza that looks set to eclipse its own record set just one year ago.
Compared with $2 billion recorded in about an hour during the 2014 sales event, the company said it generated more than $3.9 billion in gross merchandise value (GMV) within the first hour of its Singles Day sales this year. The number has risen to $5 billion within the first 90 minutes and $6.56 billion by 7:45 this morning.
Most of the transactions have been for smartphones. 74% of the total GMV was accounted for by mobiles within the first hour compared to 46% during the same time in last year’s event.
“This year, Alibaba Group has transformed 11.11 into an unprecedented mobile shopping experience,” Alibaba Chief Executive Daniel Zhang said in a statement.
“Over the course of the 24-hour shopping marathon, consumers will have a new surprise every hour that has been especially tailored for mobile users,” he added.
The company utilized a three hour gala just before kicking off this year’s discount day with top Chinese celebrities alongside James Bond’s Daniel Craig and a cameo from Kevin Spacey, who wished Chinese consumers a happy shopping experience as “President Underwood” from the television series House of Cards
Meanwhile, as the company seeks to bring more international sellers to the Chinese market, Alibaba announced that it would open two more offices in the U.S. These would be set up either this year or in the first quarter of next year.
Michael Evans, the group’s president in charge of its international operations, said in response to a media question that the offices would be set up in New York and in Washington, D.C. in response to a media question. The company has three functional offices in Seattle, San Mateo and San Francisco and the new office additions would bring the number to five.
Through the introduction of more foreign brands to its shopping platforms, Alibaba is seeking to build itself into a “gateway to China”. Another theme of the company is going global which was evident in the brands that were offered in this year’s Single’s Day where discounted items, such as American fruits, Chilean seafood, French cosmetics and Italian fashion were offered.
The data that would be gathered form the single day sale would allow foreign brands to know what types of products appeal most to Chinese consumers, said Evans. In order to identify the best products for its domestic market, Alibaba is currently working with 30 fresh food associations as well as embassies.
“Many merchants we are talking to today are very, very interested to see how well they do relative to the expectation we presented to them,” he said.
The expansion spree of the company is also evident in Europe where it announced London to be its regional hub and there were plans to open up offices in France, Germany and Italy.
(Source:www.forbes.com)
