China’s Alibaba said orders on their e-commerce platforms exceeded $ 56 billion on Wednesday morning during the Singles-Day shopping event. Consumers choose from up to 16 million pieces of discounted goods.
The world’s largest sales event – beating Black Friday and Cyber Monday in the US – lasts four major days this year and has so far brought retailers 16 times more orders in value than Amazon.com Inc.’s two-day Prime Day event last month.
The magnitude of this action is so striking that its performance is generally considered an indicator of China’s economic recovery after coronavirus.
“Because of COVID-19, many Chinese people cannot go overseas, and that actually stimulates online consumption,” Vice President Liu Bo told reporters.
The performance so far is likely to be a relief for Alibaba, as it lost about 10% of its market value last week when regulators canceled Ant Group’s listing.
The event, which started in 2009, is usually a one-day affair with live performances. Last year, it recorded a record GMV (Gross Merchandise Volume) of $ 38.4 billion. This year, even Katy Perry appeared at the gala evening, although only through a live broadcast.
The event offers not only direct discounts, but also activities on many Alibaba platforms. People play mobile games for deals, combine in-store purchases, and place orders in the early hours of sales to get the best deals.
GMV currently surpassed 372.3 billion yuan ($ 56.3 billion) and orders reached a record 583,000 per second, Alibaba said. For the first time, more than 2 million products went on sale – twice as many as last year.
The share price of Alibaba Group Holding Ltd rose by 42.57% year-on-year. The graph shows last year’s rally, which began about a week after 11/11/2019 and lasted until the end of January.
Sources: Investing.com, Statista.Com, WebTrader