from Statista.com
— this post authored by Felix Richter
The Alibaba Group posted yet another sales record on Singles’ Day. Having netted the first $1 billion in sales after just 68 seconds, the Chinese e-commerce giant clocked another $37.4 billion in gross merchandise sales across its platforms in the remaining 23 hours, 58 minutes and 52 seconds of what is arguably the biggest shopping frenzy in the world.
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Last year, Alibaba’s Singles’ Day gross merchandise volume (GMV) had amounted to $30.8 billion, up from $25.3 billion in 2017. According to the company’s press release on the matter, more than 200,000 brands participated in this year’s event, of which 299 surpassed RMB100 million ($14.3 million) in sales. The most popular brands were international powerhouses such as Apple, Bose, Nike, H&M and Uniqlo who were among the 15 brands to surpass 1RMB billion ($143 million) in sales over the course of 24 hours.
To put the scale of Alibaba’s Singles’ Day in perspective, the following chart compares yesterday’s $38.4 billion haul to the average daily GMV of Alibaba itself and U.S. e-commerce powerhouses Amazon and eBay. In 2018, Amazon, widely considered the most important e-commerce platform in the world, sold an average of $0.8 billion worth of physical goods on its platform each day, including sales from third-party sellers. That means it would have taken Amazon 50 days to equal the amount of merchandise sold across Alibaba’s vast online shopping universe on Monday.
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