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

Alibaba – Robots handled 95% of customer service inquiries

“Trademarked by Alibaba in 2009, Single’s Day – 11th November – has grown into the world’s largest online shopping event. With record sales year-on-year, particularly in Southeast Asia, the seasonality of the day reportedly resulted in a 191% spike in sales for Lazada, an eCommerce platform owned by Alibaba.

“Data-driven personalization drove additional product discovery,” said Mense. “Alibaba’s AI-powered customer service robot handled 95% of customer service inquiries.”

https://brandinginasia.com/drive-sales-on-singles-day/

$25B for Alibaba in just one day

Image credit: nytimes.com
Alibaba, the pre-eminent Chinese eCommerce company, has just set another new record. With their recent announcement of a $15B investment on artificial intelligence this is just the beginning.

“This year’s shopping festival entered new territory, blazing past $1 billion within two minutes of the holiday, starting at midnight on Saturday. By the end of the day, sales had hit a new record of $25.3 billion, more than 40 percent higher than sales on Singles Day 2016.”