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November 13, 2016

alibaba exceeds $18billlion of gross transaction volume on china's biggest online shopping day

"chinese online shopping volume gross merchandise"

2016 China Singles day  online shopping broke all records since the last 9 years of its inception as online shopping revenues exceeded and outperformed 2015 singles day eshopping festival by Alibaba which is celebrated every year in  November 11th.Sales on its e-commerce platform reached 102 billion yuan ($15 billion) shortly before 8 pm in China, easily topping last year’s total of 91.2 billion yuan(,$14.3 billion) with about four hours left to run. This record revenues on a single day dwarfs both America’s Cyber Monday and Black Friday, In 2016, Alibaba passed $14 billion in revenue on Singles’ Day, more than double the $5.8 billion in sales of the combined U.S. e-commerce holidays of Black Friday and Cyber Monday 2015

This year on chines singles day  online shopping by retailers on Alibaba's platforms had recorded $17.8 billion worth of gross merchandise volume (GMV). In 2015, the 24-hour e-commerce sales event racked up $14.3 billion GMV in total.See the online chinese shopping addiction story

To kick off this year’s event, Alibaba Chairman Jack Ma used Chinese pop stars, Victoria’s Secret models and foreign celebrities including Scarlett Johansson,Kobe Bryant and David Beckham to fill a 60,000-person stadium in Shenzhen. The show was telecast live on video-streaming websites across China.