Alibaba Group Holding Limited announced that more than USD 7 billion (RMB 47.5 billion) of gross merchandise volume (GMV) was settled through Alipay on Alibaba’s China and international retail marketplaces within the first two hours of the 2016 11.11 Global Shopping Festival.
“Chinese consumers purchased more in the first hour of 11.11 this year than the entire 24 hours in 2013, reflecting the incredible evolution of our global shopping festival. This unprecedented level of engagement demonstrates both the consumption power of Chinese consumers and their embrace of online shopping as a lifestyle,” said Daniel Zhang, chief executive officer of Alibaba Group.
Early highlights of the annual shopping event included:
- Within the first 5 minutes, total GMV settled through Alipay exceeded USD 1 billion (RMB 6.8 billion)
- In the first hour, total GMV settled through Alipay was USD 5.2 billion (RMB 35.3 billion)
- In the first two hours, total GMV settled through Alipay was USD 7.2 billion (RMB 48.6 billion), and mobile GMV settled through Alipay accounted for 84% of total GMV
For additional content from the event, follow the Alibaba Group official Twitter account at Twitter.com/ AlibabaGroup.
GMV for the 11.11 Global Shopping Festival is the total value of orders settled through Alipay on Alibaba’s China and international retail marketplaces. It is reported on a real-time basis and includes shipping charges paid (where applicable). Transactions related to international brands, defined as brands created outside of Mainland China, and user data are limited to Tmall.
All GMV, mobile GMV and other figures presented in this press release are unaudited and subject to adjustments.
About the 11.11 Global Shopping Festival
The 11.11 shopping festival began in 2009 with participation from just 27 merchants as an event for Tmall.com merchants and consumers to raise awareness of the value in online shopping. Seven years later, 11.11 has become a global event with participating merchants in the tens of thousands, buyers in the millions, and total sales in the billions.
Source: Alibaba Press Release