24 hours of Alibaba’s Singles Day sale is over now — 11th edition of the world’s largest online shopping sale which falls on November 11th every year, and the Alibaba Group has announced that this year the company has sold goods worth 268 billion yuan or $38.4 billion in just a single day breaking its previous record of $30.7 billion.
Electronics and Fashion goods were the most sold items as told by the company, the event is bigger than any event of online sales in the world even bigger than the Black Friday and Cyber Monday. Five days of Black Friday collected $25 billion last year, and Cyber Monday sales collected less than $8 billion.
The company also announced that it made the first $1 billion in sales in just 68 seconds and the first $10 billion in half an hour.
This sale is much bigger because it allows everyone from any country to participate in the sale and to keep it running Alibaba has multiple platforms to serve people.
- AliExpress – Chinese Brands to International residents
- Tmall – Global Brands to Chinese residents
- Taobao – Chinese brands to Chinese residents
- Lazada – South Asian Market
Shopping brands invited celebrities including Taylor Swift and Asian pop icon GEM to generate buzz, even the company focused on live-streaming to make the sales easy for users.
Not just Alibaba companies like JD.com and Pinduoduo also host similar campaigns each year. JD.com’s sales which began earlier this month had crossed $23.6 billion as of early today.
We have seen companies following this model of sales in various countries Amazon and Walmart-owned Flipkart in India, Qoo10 in Singapore, and 11th Street in South Korea.