Chinese Consumers Spend $5.7B During 11.11 Shopping Festival
Chinese consumers have spent a record CNY35.01 billion ($5.7 billion) in the 11.11 Shopping Festival that is held by e-commerce giant Alibaba. The festival can be compared to Cyber Monday in the United States. Total sales during the event is up 83% from the previous year and 171.4 million orders were placed on Alibaba’s e-commerce platforms Tmall and Taobao.
This same event hit $3.1 billion in sales on the same day last year. In under 9 hours, Chinese consumers spent more money online than U.S. consumers did during all of Cyber Monday last year. About 21% of orders were placed through mobile devices, which is up 5% a year earlier.
Here is a timeline of events that happened throughout the day as posted on the Alibaba blog:
– The clock strikes midnight and this year’s 11.11 shopping extravaganza begins.
– In 55 seconds, the amount of gross merchandise value (GMV) transacted over e-payment provider Alipay hits RMB 100 million.
– In 4 minutes, the value of transactions placed via mobile devices over Alipay reaches RMB 100 million.
– In 6 minutes, GMV of orders placed from PCs via Alipay rises to RMB 1 billion and by 38 minutes it is at RMB 5 billion.
– In the first hour mobile Alipay GMV reaches RMB 1 billion, surpassing its 24-hour total of 960 million last year. Alipay GMV from PCs hits RMB 6.7 billion while the number of orders processed through Alipay soars to 25 million.
– In 5 hours 49 minutes, Alipay GMV rises to RMB 10 billion.
– At 7:35 a.m., mobile Alipay GMV increases to RMB 2 billion, a new mobile shopping record in China.
– By 8:42 a.m. Alipay GMV from PCs surpasses the 24-hour total for Cyber Monday 2012 at RMB 12.1 billion ($2 billion). Cyber Monday total for 2012 was $1.98 billion, according to Adobe Digital Index.
-10:05 a.m., 50 million users had shopped via mobile devices since the sale began, an amount equal to the combined populations of Australia and Canada.
– At noon, PC-generated Alipay GMV grows to RMB 17.5 billion ($2.85 billion) while mobile Alipay GMV rises to RMB 2.97 billion ($484 million). Total mobile orders reaches 64.6 million, representing 23 percent of total orders.
– 1:04 p.m., in 13 hours, the total Alipay GMV passes the 24-hour total for last year’s 11.11 sale of RMB 19.1 ($3.1 billion).
– At 4 p.m., Alipay mobile GMV rises to RMB 3.6 billion ($587 million).
– At 9.20 p.m. Alipay GMV from PCs rises to RMB 30 billion.
– At midnight November 11, total Alipay GMV surpasses RMB 35 billion.
Alibaba is expected to file a $16 billion IPO next year with a valuation of over $100 billion.
[Source: TNW]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry