Chasing The Customer … $8 billion in 1 Day – Alibaba

UPDATE 11/11 11:53 AM

Final GMV sales for Alibaba’s Singles’ Day are $9.34 billion … 61% over LY. The one day event is 3.2x bigger than 2013’s U.S. Black Friday and Cyber Monday sales combined.


 

The Global Reality of eCommerce

 

Jack Ma’s Alibaba announced this morning that yesterday’s Singles’ Day, GMV or Gross alibabaMerchandise Volume, transactions were in excess of $8 billion dollars.  43% of the transactions were mobile.

For perspective, in 2013, American consumers spent a total of $2.9 billion on Black Friday and Cyber Monday, the largest online sales days in the U.S., COMBINED!

In 2013, Alibaba’s Singles’ Day GMV sales totaled $5.8 billion for a YOY increase of around 38%.

Singles’ Day is a holiday created by Chinese students and is somewhat similar to Valentine’s Day. Alibaba began promoting Singles’ Day in 2009. Three years later, Singles’ Day had become the largest 24-hour shopping event in the world.

This year, American companies Tesla and apparel company Zara will participate in the event.

Alibaba management also announced today that they are open to partnering with PayPal.

See below


 

Note this additional reporting from Forbes

“This year globalization is one point of experimentation this year,” said Alibaba Chairman Jack Ma to FORBES. “we would like to prepare for all-out internationalization three to five years down the road. The purpose is to allow small companies and consumers all over the world to be able to buy and sell online one day.”

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