Alibaba’s Singles Day Sales Hit $30 Bn, Dwarfs India’s Festive Season Sales
China’s Single’s Day is the world’s largest online and offline shopping festival
This year Alibaba broke its own record, selling goods worth $30.8 Bn in a day
Combined GMV of India’s festive season sales amounted to only $2.3 Bn
At the time when Indian ecommerce players bask in the afterglow of their festive season sales— which collectively recorded $2.3 Bn in Gross Merchandise Value — China’s largest ecommerce company Alibaba has registered a whopping $30.8 Bn in sales in a day, as Chinese shoppers celebrated Singles Day, the world’s largest shopping festival.
The festival which is said to have its origins in Nanjing University in China is celebrated every year on November 11 (11/11), as 1 resembles an individual who is alone. The first Singles Day 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.
Since then the festival has grown exponentially at a rate of 300% in nine years, leaving behind India’s own ecommerce platforms, which are yet to see such volumes in a year, let alone a day.
To put things in perspective, India’s total ecommerce market is expected to reach $32.7 Bn in 2018, just a billion dollars more than Alibaba’s 11.11 sale for 2018.