Alibaba off to blistering start on Singles Day
Chinese shoppers were so eager to participate in Singles Day that they purchased more in the first hour than the entire 24-hour event in 2013.
More than $7 billion of gross merchandise volume (GMV) was settled through Alipay on Alibaba’s China and international retail marketplaces within the first two hours on what has become the world’s biggest online shopping event, which kicked off at 12 a.m. in China, on Nov. 10.
In the first hour alone, volume reached a record-breaking peak of 175,000 orders in one second, compared with 140,000 last year, Alibaba said. More than 100,000 merchants, including 11,000 international merchants, are participating.
“This unprecedented level of engagement demonstrates both the consumption power of Chinese consumers and their embrace of online shopping as a lifestyle,” said Daniel Zhang, CEO of Alibaba Group.
American retailers, including Neiman Marcus and brands such as Lancome, Gilt, Rue La La, as well as 200 other companies used dealmoon.com to launch holiday spending offers among Chinese Americans shopping during the festival.
The online aggregator of luxury brands and deals introduced the power of the shopping event to U.S. luxury retailers in 2013. Besides crushing 2015’s Cyber Monday's sales of $3.07 billion by 350% ($14.3 billion) this year, the year-over-year growth of Singles' Day provides U.S. retailers with a reason to jump-start their holiday shopping season and bolster their fourth quarter sales, according to a company statement by Dealmoon.com.
Last year, many luxury retailers earned over $1 million in 48 hours alone, by making offers to the six million Chinese Americans who wait for great deals on Singles' Day. And it looked forward to similar results this year.
Like Alibaba, Dealmoon’s site began featuring exclusive offers from American merchants at midnight on Nov. 10. Millions of high end products were offered from 25% to 80% off, and many retailers offered 50% off site-wide, the statement said.
"This is the fourth year we have hosted a Singles' Day online sales event for American retailers, and we are seeing the best offers ever," said Jennifer Wang, CMO and co-founder of Dealmoon.com. "If there is one day for someone to find incredible deals on their favorite luxury skincare brands from Lancome Genefique to La Prairie Caviar Eye Cream, or fashion products like Ferragamo shoes to Fendi handbags, this is the day.”
Among the site’s six million shoppers, luxury brands have sold more than $1 billion of product since Dealmoon's inception in 2009, the statement added.