How Alibaba's Annual Shopping Event Raked in $25B
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Every year on Nov. 11, Chinese internet giant Alibaba Group hosts the world’s biggest shopping event, called Singles Day. Chinese consumers fill their online shopping carts beforehand and stay up until the clock strikes midnight to click the “buy” button, trying to catch the best deals before they sell out.
Alibaba’s event on Saturdayonce an unofficial Chinese celebration for the unmarried until Alibaba rebranded it as a Chinese take on Black Fridaybrought in $25.3 billion in transactions in 24 hours, up 39 percent from last year, which bodes well for Chinese consumer sentiment. Alibaba says 90 percent of sales during the event were on mobile devices.
The number is even bigger if you take into account other Chinese retailers and e-commerce companies who have joined in. Alibaba’s main rival, JD.com, hosted 11 days of sales culminating in Singles Day, with over $19 billion in total transactions. The are plenty of things marketers and media execs outside China can learn from the event. Here, the highlights:
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