After just one hour kicking off the 11.11 Global Shopping Festival, Alibaba Group Holding recorded sales of unprecedented proportion breaking its own 2017 sales figures. At 1:00 am the online platform had sold over US$10 billion of gross merchandise value (GMV) with customers having over 180,000 brands to choose from.
In the hours leading up to the shopping event, Alibaba’s video streaming platform Youku hosted the fourth annual countdown gala to celebrate the official launch of the festival. Viewers were able to experience the gala live via Youku, as well as across China on two major Chinese TV stations. This year, the gala featured international celebrity appearances and performances from Miranda Kerr, Mariah Carey and Cirque du Soleil.
The 11.11 shopping festival began in 2009 with participation from just 27 merchants as an event for merchants and consumers to raise awareness of the value in online shopping. Last year, over 140,000 brands and merchants participated in the global shopping event, with consumers spending RMB168.2 billion during the 24-hour period. This year the one day sale is set to exceed the US$25 billion generated last year.
GMV for the 11.11 Global Shopping Festival is the total value of orders settled through Alipay on Alibaba’s China retail marketplaces, Lazada and AliExpress within a 24-hour period on November 11. It is reported on a real-time basis and includes shipping charges paid (where applicable).
(source: Businesswire and Alibaba)
