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Alibaba Smashes Singles’ Day Record

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Alibaba continues to rule Chinese e-commerce with its annual mega sale.

The online shopping company generated $17.79 billion in gross merchandise volume during last week’s 11.11 Global Shopping Festival, the world’s largest one-day digital sale. This year’s GMV was a 32 percent jump over the $13.32 billion in transactions that took place on Alibaba’s e-commerce platforms in 2015.

In addition, the festival also set new financial records, including $14.6 billion in GMV gained on mobile devices compared to $9.8 billion last year and 657 million delivery orders compared to 467 million in 2015. The festival also achieved 1.04 billion payment transactions, which was 606 million more than last year’s figure.

“From the kick-off of warm-up activities to last night’s countdown gala and all the way through the 24-hour global shopping festival itself, we’ve seen unprecedented engagement between consumers and merchants,” Alibaba Group CEO Daniel Zhang said. “11.11 showcased how online and offline retail will be reinvented to offer brand new shopping experiences to our hundreds of millions of mobile, digitally savvy active users.”

Weeks before the one-day sale began, many consumers had filled up their shopping carts to buy items at the event’s midnight start on Nov. 11. Forty seconds after the sale started, total GMV surpassed had $146 million and the sale had reached $14 billion in total GMV in just under seven minutes.

In the first hour of the sale, order volume also increased at a quick rate. Order volume peaked at 175,000 orders per second, while settled payments peaked at 120,000 per second. In 2015, order volume was reported at 140,000 orders per second, which was considerably less than this year’s results.

Alibaba’s mega one-day sale wasn’t limited to China. According to the company, more than 200 nations and regions completed cross-border transactions during the festival. Thirty-seven percent of buyers purchased from international apparel brands, including Adidas and Nike, which were the most popular brands of the sale.

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