From $100 million in 2009 to 250 times that in 2017, $25 billion

The global retail market is adjusting to China’s rising economic power, and Chinese customers’ desire for AI-enhanced mobile shopping experiences. Singles Day’s spread across the world suggests a new chapter of computer-enhanced shopping experiences is beginning.

Alibaba, the giant Chinese e-retailer that promoted the day as an opportunity – or excuse – for single people to treat themselves with new purchases, has seen its revenues on Nov. 11 grow from US$100 million in 2009 to 250 times that in 2017, $25 billion. And that was only two-thirds of total online sales that day.

Singles Day dwarfs the three other largest online retail mega-events. In 2017, Thanksgiving weekend online sales – including Black Friday and Cyber Monday– totaled $7.3 billion. The third, Amazon’s Prime Day, in 2017 took in $100 million an hour – but Alibaba raked in 10 times that amount on Singles Day that year.”

https://www.google.com/amp/s/theconversation.com/amp/singles-day-shows-chinas-global-retail-power-103125

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