Alibaba saw blockbuster Single’s Day sales
In 2009, Chinese e-commerce giant Alibaba (BABA) turned November 11 or “Single’s Day” into China’s (FXI) version of Black Friday. The company set a Single’s Day record on Saturday, November 11, when it sold products worth a whopping 163.8 billion yuan (or $25.3 billion) on its shopping sites including Taobao and Tmall. Last year, the company sold products worth $17.8 billion on its online shopping sites, which means the company saw a 39% bump in gross merchandise value (or GMV) on Saturday compared to last year.
Alibaba’s Single’s Day sales have surged over the years
As the graph above shows, Alibaba has seen its GMV growth rate on Single’s Day fall over the years. However, it is still growing at a robust rate given the sheer size of the GMV. In comparison, Alibaba’s competitor, China’s second-largest e-commerce company, JD.com (JD), saw a GMV of 127.1 billion yuan (or $19.14 billion) between November 1 to November 11.
Alibaba recently reported stellar growth in the previous quarter with its revenue growing 61% year-over-year in the quarter ended in September. The company’s shopping sites are seeing more traffic on the back of rising incomes in China. Alibaba stock has surged by 112.3% year-to-date.