Tuesday, November 11, 2014

Alibaba's 24-Hour Online Promotion Results in $9.3 Billion in Sales!

Tuesday's  24-hour “Singles Day” online shopping festival hosted by China-based Alibaba resulted in $9.3 billion in orders.

A record number of 278 million orders were placed, nearly twice last year’s amount. 42.6% of the gross merchandise volume were generated on mobile devices, significantly higher than the 15% in 2013.

This is the sixth year that Alibaba hosted the 24-hour sale, which always begins at midnight on November 11th and takes place mainly on its branded products retail site Tmall and Taobao market place. The amount of transaction recorded has grown exponentially, a result of the strength of China’s internal consumption demand and Alibaba’s ever-larger clout within China’s e-commerce space, reports Forbes.

“The key thing you are seeing is the unleashing of the consumption power of the chinese consumers,” said Joe Tsai, the executive vice chairman of Alibaba Group at a media briefing today. “China has been an economy that’s driven by exports and investments. We are really seeing the shift of the economy from one that focused on the state sector to consumption [by] everybody on the street.”


  1. Is this "irrational exuberance" as RW seems to expect? Or the beginning of Asian economic dominance?

  2. I tried out alibaba to see what the fuss was over and frankly wasn't that impressed. the prices were rock bottom the things I got came from china in four days but the gloves that could be used on a touch screen failed to activate screen after getting wet and the water resistant watch fogged up. I know there is different price points but i don't feel confident about firing bigger sums their way.