Chinese e-commerce leader Alibaba broke its sales record last year on Singles Day, the biggest 24-shopping event in the world. Gross merchandise value (GMV), a figure showing the sales across shopping platforms of Alibaba, exceeded last year's sale at almost $30.5 billion early this week, local time, and it kept increasing through the rest of the day. By the day ended, GMV was at $38.34 billion, just below 26% seen on Singles Day last year.
This year's sale was the yearly Singles Day event's 11th edition, also dubbed as "Double 11 shopping festival as it falls on November 11." During this 24-hour sale, which started at midnight in Hong Kong and Singapore, Alibaba offered big discounts throughout its e-commerce sites like the Tmall, for one. To help augment sales, Alibaba expanded the number of its discounted products in the 2019 sale event and focused on livestreaming via the platforms to sell the items.
Livestreaming as Contributor to the Record-Breaking Sale
Livestreaming has played a vital role in many people's shopping experience, more specifically on the Chinese e-commerce sites. Online personalities frequently talk to their followers about the products they believe in and support to attract them to buy. "Keeping Up with the Kardashians mainstay, Kim Kardashian even did a livestream announcing her fragrance label, KKW, soon to be available for sale in Tmall."
The new record of this leader in its industry has taken place as it experiences a slowing economy, not to mention the stiff competition in China. While Alibaba is a name frequently associated with the most popular shopping event, its competitors Pinduoduo and JD.com offer their own sales, as well. The latter was already offering several Double 11 discounts before the day itself.
$12-Billion Earning on the First Hour
The success of Singles Day was previously seen as early as its first hour. In fact, GMV hit around $12 billion in its first hour. Indeed, and, within one-and-a-half hours, Alibaba's sales surpassed the total amount reached during Singles Day 2016. Among the bestsellers early in the day included Huawei Mate 20 Pro's 5G version, and Apple iPhone's 11, Pro, and Pro Max.
And, in the middle of the ongoing China–U.S. trade war, there, a huge concern was raised that the American products could receive the cold shoulder from the Chines customers. However, this was not the case.
Jacob Cooke, CEO of WPIC, an e-commerce tech and marketing firm that helps international brands sell in China, said that the apparel and jewelry were the bestselling product categories from the U.S. retailers. He added, everything that his firm has managed is "way up over last year," and that there was no decline there. There was not even any proof, Cook said, that there was sentiment drop or decrease for the U.S. brands.
