Alibaba says 11-11 sales hit $13 billion in first hour

It's Time for Alibaba to Slay the Monster Jack Ma Created

Less than 30 minutes after its hour one update, the retailer announced total sales had now exceeded $17.2 billion (120 billion in Chinese Yuan).

Chinese e-commerce giant Alibaba Group Holding Inc said on Monday that sales for its annual Singles' Day shopping blitz hit 91.2 billion yuan ($13 billion) within the first hour, up 32% from last year's early haul of 69 billion yuan.

On the Alibaba platform, the most popular products on Singles' Day are clothes and daily necessities, such as skin care, health and baby products.

Singles' Day was among the top trending topics on China's Twitter-like Weibo platform on Monday morning, with users discussing what they spent on.

China's Singles' Day sales on Alibaba's Tmall hit 10 billion yuan (about 1.43 billion USA dollars) just one minute and 36 seconds after midnight on Monday, 29 seconds faster than past year. Just 27 merchants took part in the Alibaba's 11.11 festival 10 years ago, compared to participation from more than 180,000 brands last year.

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This year, the event generated $123 million of gross merchandise value for Lazada, representing a 171 percent increase since last year's Singles Day. Last year, an estimated 1 billion packages shipped as a result of "Singles Day" purchases, according to Reuters. "That's an average of nearly three parcels a second".

Online shopping grew by 16 per cent in 2018 - eight times faster than in-store shopping.

This year's Thanksgiving weekend will likely bring about another record in US e-commerce history, but it won't come close to matching China's largest shopping extravaganza.

More Kiwis were spending and shopping online more often, with shopping holidays such as Singles' Day, Black Friday and Cyber Monday becoming a "major factor" in online shopping habits, a recent NZ Post report found.

Chinese consumers will spend 54% more this year than in 2018, but 78% said they would think twice about buying US products due to loyalty to their country, AlixPartners found in a recent survey of more than 2,000 Chinese consumers.

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