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November 10, 2016

$1 billion online sales in just 5 minutes on chinese singles day

"Singles day eshopping festival in china set to generate record revenues"

"world's biggest online ecommerce sales  in china during Singles' Day shopping festival"

The world’s biggest  online ecommerce sale began at midnight Beijing time on November 10th,2016. when Chinese e-commerce giant Alibaba launched its Singles' Day shopping festival. But perhaps more importantly, this year a number of American brand is  making their debut. Including Levis and Smucker's. Smucker  is using the event to introduce China's more than 1.3 billion consumers to the joys of peanut butter and jelly. Alibaba's online marketplace sale began at 11:00 a.m. EDT. Alibaba reported that it  posted $1 billion in sales within the first five minutes .Going by the trend, Chines singles day online commerce sales will probably exceed $20billion in 2016.In the first hour, order volume reached a record-breaking 175,000 orders per second, according to Clavis Insight. Total sales in the first two hours passed $5 billion, with 84% of sales coming from mobile devices.
Top sellers so far this year included the iPhone 7, Beats headphones and Dyson branded products.Alibaba has being a part of  chinese singles day online shopping sale  on Nov. 11 for seven years nows ince 2009. Last year Alibaba (BABA) booked sales of $14.3 billion on Singles' Day.

 This year, it's estimated the company could sell as much as $20 billion worth of goods, a 40% year-over-year increase over last year, according to New York-based research firm Fung Global Retail & Technology. Close to 100,000 brands, put of which11,000 of them from outside China, will be selling orders on the site, said Alibaba.This year Alibaba is also offering shoppers the chance to make virtual, 360-degree shopping trips to foreign stores that include Macy’s, Costco and Target using a special virtual reality shopping program called Buy+.