“The Nov. 11 annual event, which has been going for a decade, started as a marketing gimmick for an upstart e-commerce company looking to draw a crowd. And it did.
GMV (gross merchandise value) grew more than 4,000 times between 2009 and 2018, hitting $30.8 billion last year
Alibaba doesn’t want to be just an e-commerce company anymore. Zhang, who has risen through the ranks and took over as chairman from Ma two months ago, is hoping to lean more heavily on new businesses such as cloud computing, digital media and entertainment, offline retail, and local services such as deliveries.”
Will Alibaba break its own record this 11.11 global shopping fest? And where is Jack Ma?
Billed as the world’s largest 24-hour online shopping event in terms of GMV, the 11.11 event has over 200,000 brands participating with more than a million new products on offer. Over 500 million users are expected to participate in this year’s festival – about 100 million more than last year.
Black Friday weekend had reportedly generated a total of $14.05 billion in online sales for 4,500 US online retailers over four days.
During India’s Diwali online shopping festival, sales split the e-tailer market share between Amazon India and Flipkart. Their combined market share was 90 percent in terms of merchandise volume, with Flipkart leading at 60-62 percent and Amazon India coming in at 28-30 percent.
“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.
“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.”