Alibaba (NYSE:BABA) set a new record for Singles’ Day in 2018.
Singles’ Day is a shopping festival that takes place once a year in China. It sees customers taking to online and in-store shopping to purchase large amounts of merchandise. Alibaba typically performs well on this day, but this year was better than past ones.
Alibaba notes that its Singles’ Day gross merchandise volume (GMV) for Nov. 11, 2018 came in at $30.80 billion. This represents a 27% increase compared to the e-commerce company’s GMV from Singles’ Day 2017.
The following are some more highlights from Alibaba’s Singles’ Day 2018 performance.
- Cainiao Network processed over 1 billion delivery orders.
- 180,000 brands from around the world took part in the shopping event.
- More than 40% of consumers made their purchases from international brands.
- 237 brands exceeded RMB100 million in GMV during the event.
- This includes several major international brands, such as Apple (NASDAQ:AAPL), Nike (NYSE:NKE) and Estée Lauder (NYSE:EL).
- The top countries that were selling to China during Singles’ Day 2018 were Japan, United States, South Korea, Australia and Germany.
- This year’s Singles’ Day 2018 saw completed transactions in 230 countries and regions.
- Lazada also took part in Singles’ Day this year, bringing the event to Singapore, Malaysia, Thailand, Indonesia, the Philippines and Vietnam.
“Today we witnessed the strength and rise of China’s consumption economy and consumers’ continued pursuit to upgrade their everyday lifestyles,” Daniel Zhang, CEO of Alibaba, said in a statement. “Participation from the entire Alibaba ecosystem enabled our brand and merchant partners to engage with consumers like never before.”
BABA stock was down 1% as of noon Monday.
As of this writing, William White did not hold a position in any of the aforementioned securities.