Alibaba’s ‘Singles’ Day sales hit $10 bn in less than 30 minutes

It's Time for Alibaba to Slay the Monster Jack Ma Created

It's Time for Alibaba to Slay the Monster Jack Ma Created

E-commerce giant Alibaba's Singles' Day sales on Monday hit Dollars 10 billion in less than 30 minutes of the event going live.

According to Alibaba, the number of orders created at the peak of the 2019 11.11 Global Shopping Festival reached 5,44,000 orders per second, which is 1,360 times that of the first edition of the festival in 2009.

The 11.11 Global Shopping Festival Gala Celebration will have performance by Grammy Award winning singer-songwriter Taylor Swift and a host of other worldwide and local celebrities.

This chart shows Alibaba's GMV on Singles' Day vs. US ecommerce sales on Thanksgiving weekend.

The total value of merchandise sold hit the 100bn-yuan mark around 40 minutes faster than a year ago, the firm said.

Officials announced Monday that the shopping blitz has already hit at least $23 billion in the first nine hours - that's up 25% from 2018. "I would be really surprised to not see it come in above $32bn", said Daniel Newman, technology analyst at Futurum Research.

Flyers defeat Bruins in shootout for fourth straight victory
It also helps that Boston is waiting at home and Philadelphia will have to travel after their game against Toronto on Saturday. The goalies for Boston have been strong all season as Rask is now 7-2-1 with a goals against average of 1.99.

Huawei Technologies, China's largest smartphone brand, said sales on its self-run Huawei online mall took only 1 minute to exceed the full day November 11 sales recorded past year, while its budget brand Honor was the No 1 seller on all three major e-commerce platforms, Tmall, JD.com and Suning.com, in the first two hours. Yet the 27 percent sales growth was the lowest in the event's 10-year history, spurring a search for fresh ideas. Thousands of couples now marry on Singles' Day, which is a fact at odds with its name.

The trade battle has cast a shadow over the Chinese economy as it grapples with a wider slowdown.

Current chief Zhang, who pioneered the present form of the show in 2015, passed the baton of the event this year to Jiang Fan, president of e-commerce marketplaces Taobao and Tmall, and a potential successor to Zhang himself.

According to the company, top ten economies that bought products from China are Hong Kong, Taiwan, the US, Australia, Singapore, Japan, Malaysia, the UK, Macau and Canada, respectively.

USA market research company Forrester said total combined e-commerce sales by all US platforms on Black Friday and Cyber Monday in 2018 hit $14.2 billion, which was just 46 percent of Alibaba's total in that year.

Last month, China's market regulator published new draft packaging standards that will restrict courier firms to an approved list of recyclable material.

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