Home / Home / Alibaba smashes its Singles Day record once again as sales cross $25 billion www…
Alibaba smashes its Singles Day record once again as sales cross $25 billion www...

Alibaba smashes its Singles Day record once again as sales cross $25 billion www…

Alibaba smashes its Singles Day record once again as sales cross $25 billion www.via0.com/ relationships tctechcrunch2011…. Alibaba has set another Singles Day record after the e-commerce giant sold over $25 billion of product on theChinese biggest online shopping date. The full number comes in at 163.8 billion RMB thats roughly $25.4 billion in GMV thats gross merchandise volume which is used to measure a dollar value for all sales on a platform. In Alibabas case that predominantly means its Taobao marketplace and Tmall brand store although it does offer sales via its international services and it ships worldwide. That represents an impressive 39 percent increase on last years sales totalofRMB 120.7 billion ($17.79 billion) and it comes nicely on the heels of another blockbuster quarter in which Alibabas revenue surged by 61 percent thanks to its core business in China. For comparison Alibabas Singles Day haul puts Americas largest shopping days in the corner. Retailers pulled in a record $3 billion on Black Friday and then $3.45 billion on Cyber Monday both of which were records. The years numbers alsosignal a return to growth for Singles Day (11/11) sales an important area that investors will look at and Alibaba needs to show progress on. While the jump isnt as much as the 60 percent Alibaba saw yearly from from 2013 to 2015 it is up on last years 32 percent which is impressive given the scale that the event has reached today and the growth that Alibabas business has seen since then. The holiday began as a promotion for TMall started by current CEO Daniel Zhang who was then in charge of the business unit as a way to make single people feel less lonely but it has since blossomed into the worlds largest single shopping date by some margin. GMV is off the charts but it is important to note that this is not revenue for Alibaba. The company makes money from e-commerce in two main ways. It charges a commission and store fee to brands that are accepted to Tmall; Taobao doesnt charge fees to merchants it instead makes money by charging them for ads that boost their product/store visibility. Its important to note sales in RMB and USD due to varying exchange rates This years 11/11 got off to a fast start with around $7 billion of goods sold in the first 30 minutes of the day alone.Alibaba went on to surpass last years $18 billion total after just twelve hoursof sales. Another important metric is mobile. Not only does a higher number mean that Alibaba is reaching new/newish internet users but mobile users tend to be more engaged which is obviously an important goal. This year Alibaba said 90 percent of sales were made on mobile which is up on 82 percent for 2016 and 69 percent in 2015. More insight on the sales numbers and data to follow as it is released by Alibaba Featured Image: Xinhua/Wang Dingchang via Getty Images relationships #relationships # via Zero


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