This time it is $25 billion of products that are sold on the Single’s Day with a new record set by Alibaba.
At Chinese biggest online shopping event, Alibaba has set another Single’s Day record after the e-commerce giant sold over $25 billion of product.
With this event, Alibaba’s Single’s Day haul puts America’s largest shopping days in the corner. As per the reports, retailers pulled in a record $3 billion on Black Friday and then $3.45 billion on Cyber Monday, both of which were records.
This jump in sales is 60 percent more than Alibaba saw yearly from 2013 to 2015, it is up on last year’s 32 percent, which is impressive given the scale that the event has reached today and the growth that Alibaba’s business has seen since then.
The tradition of celebration single’s day began as a promotion for TMall started by current CEO Daniel Zhang, who was then in charge of the business unit, as a way to make single people feel less lonely, but it has since blossomed into the world’s largest single shopping date by some margin.
But Alibaba does not have any direct share in profit. Instead, it makes money in two main ways, first by charging a commission and ‘store fee’ to brands that are accepted to Tmall. And the second, Taobao doesn’t charge fees to merchants, it instead makes money by charging them for ads that boost their product/store visibility.
This time on 11/11 it was a quick start with around $7 billion of goods sold in the first 30 minutes of the day alone. Alibaba went on to surpass last year’s $18 billion total after just twelve hours of sales.
Another important factor that played an important role in this sale is mobile. Alibaba got successful to promote the event not just on the internet, but on mobile phones too, which helped the sales to boost. Alibaba informed that this year 90 percent of sales were made on mobile which is up on 82 percent for 2016 and 69 percent in 2015.