E-commerce behemoth Alibaba recently held 'Singles Day Sale’ in China, encouraging people who aren’t in a relationship to splurge on a gift for themselves.
Alibaba turned Singles' Day, a Nov. 11 Chinese response to Valentine's Day, into an online shopping festival in 2009. It copyrighted the "Double 11" term three years later after recognizing its commercial potential.
At the end of Tuesday, Alibaba revealed its stunning Singles’ Day sales amount to $9.34 billion. The company also announced that it had shipped 278 million orders, with close to 43 % of the orders being placed from mobile devices. It beat last year’s record of nearly $6 billion. The company clocked its first $1 billion within the first twenty minutes of the sale, reports the Economic Times.
In terms of big online sales, in the US, the most comparable shopping holiday would be Black Friday promotions, or Thanksgiving through Cyber Monday. Last year, US online sales on Black Friday amounted to $5.29 billion, spanning all companies, or just a little more than half of Alibaba’s Singles Day.
E-commerce behemoth Alibaba, gift for themselves, big online sales, online retail industry
By 8 pm Beijing time, Alibaba Group had crossed $7.7 billion in sales, a full $1.7 billion more than the estimated size India's online retail industry will reach in 2015, according to research firm Gartner.
The shopping day comes less than eight weeks after Alibaba's record $25 billion public share listing in New York.
Snapdeal and Amazon, in India, also had their own sales on Tuesday. Snapdeal's Savings Day sale featured hourly deals and steep discounts across categories. Amazon India restricted its sale to users of its mobile application in an attempt to increase app downloads. Shoppers on the app had offers like a chance to win 11 months of free shopping of products worth Rs 11,000 per month.
While Snapdeal had a horrible day on social post its Savings Day sales scheme, the Amazon Appiness Day also failed to generate buzz for the e-tailer and part of the reason for this lack of enthusiasm may be miffed consumer electronics manufacturers who had no intention of footing deep discounts.