Alibaba notches up new Singles’ Day record

Alibaba notches up new Singles’ Day record

The 10th anniversary of the biggest shopping day on the planet did not disappoint.

Alibaba reports that Singles’ Day kicked off with a four-hour gala that saw Mariah Carey, Allen Iverson and Cirque du Soleil take to the stage, as well as Asian pop-stars Jay Chou and Coco Lee. 

It then took just one minute and 25 seconds to reach $1 billion (RMB 6.9 billion) in gross merchandise volume. Just over a half hour later, 11.11 had surpassed the total GMV figures from 2012, 2013 and 2014. The event ultimately generated a record $30.8 billion (last year's final tally was $25.3 billion). 

“We have just witnessed the strength and rise of China’s consumption economy and consumers’ continued pursuit to upgrade their everyday lifestyles,” says Daniel Zhang, CEO at Alibaba Group. “Participation from the entire Alibaba ecosystem enabled our brand and merchant partners to engage with consumers like never before. Looking ahead, Alibaba will continue to lead the evolution towards the future digital economy and lifestyle.”

Sign up for our free retail technology newsletter here.

Flype welcomes another big hitter onboard

Flype welcomes another big hitter onboard

Brits finally warming to Apple Pay, Cardlytics

Brits finally warming to Apple Pay, Cardlytics