Shanghai ... China ... Alibaba rewrote the e-commerce story
The Singles Day event organized by the e-commerce giant yesterday made people spend money. A lot of money ... According to the report, customers have spent a total of $ 30.8 billion online in the last 24 hours. This is a significant increase from the previous $ 25.3 billion gross merchandise volume (GMV) customers have spent in 2017. Alibaba has passed the threshold of $ 4.68 billion GMV in the first 10 minutes of the 11/11 event.
Singles Day is the biggest shopping event of the year and Alibaba made the unseen. More than one billion delivery orders have been placed in the last 24 hours. That would be the record of last year, where the orders were 812 million. Total Black Friday sales in 2017 were $ 5 billion and Cyber Monday $ 6.6 billion.
"We do things by necessity, but sometimes we make them out of fear" - Joe Tsai, Alibaba co-founder. In 2003, Alibaba started to stop the eBay offensive in China.
Graphs: Used with permission of Bloomberg Finance L.P.
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