Alibaba generated nearly $12 billion of gross merchandise volume settled through Alipay in the first two hours of the 2017 11.11 Global Shopping Festival (186.49 +1.36)
- Co announced that it generated nearly $12 bln of gross merchandise volume settled through Alipay in the first two hours of the 2017 11.11 Global Shopping Festival, which saw participation from more than 140,000 brands.
- US$1 bln (RMB6.6 bln) of total GMV was settled through Alipay in the first 2 minutes and 1 second
- US$11.9 bln (RMB78.8 bln) of total GMV was settled through Alipay in the first 2 hours, and mobile GMV settled through Alipay accounted for 91% of total GMV
- Alibaba Cloud processed 325,000 orders per second at peak within the first hour
Briefing Note: Singles Day takes place on Nov 11. This regional holiday is bigger than Black Friday for the Chinese e-commerce giant. This year, Alibaba has access to U.S. retailers and is planning a "Retail as entertainment" event as well as a "See Now, Buy Now" fashion show to kick off this online shopping extravaganza.
Last year, consumers spent the equivalent of $17.79 bln (+32% y/y) on Singles Day (of which mobile GMV accounted for 82% of total GMV), making it bigger than both Black Friday and Cyber Monday. And Alibaba is front and center for the event
Last year, consumers spent the equivalent of $17.79 bln (+32% y/y) on Singles Day (of which mobile GMV accounted for 82% of total GMV), making it bigger than both Black Friday and Cyber Monday. And Alibaba is front and center for the event