On Sunday, Alibaba sold $30.8B of goods in its 10th annual Singles’ Day, breaking its own record for the highest sales in a single day.
Alibaba’s 10th annual Singles Day sale, which took place yesterday on 11/11, racked up $30.8 billion in sales and set a new record for the platform, reports CNBC. The figure represents a 27 per cent year-on-year rise over 2017’s total of $25.3 billion, and was helped in part by the e-commerce giant’s expansion into in-store retail, combined with China’s large and tech-savvy middle class.
The figure dwarfs the revenue taken during similar major shopping days of US retailers. Amazon’s Prime Day sale in July, the retailer’s biggest day of the year, is estimated to have generated around $4 billion in sales, selling 100 million items across the 17 countries.
The first year that Alibaba CEO Daniel Zhang launched Singles’ Day as a marketing promotion in 2009, the ‘holiday’ brought in $7m in revenue over the course of the day.
This year it took Alibaba 85 seconds to sell its first $1B of merchandise, and a little over an hour to sell $10B worth of stuff.
While Singles’ Day started as a simple promotional event for 27 Alibaba partner brands, it has grown into an integral part of Alibaba’s overall strategy.