As Singles day online shopping sales took off earlier than usual this month, Alibaba’s online orders have surpassed a total value of 372.3 billion yuan (around 48billion euro) as of 12:30 a.m. Beijing time on Wednesday. This is already more than they made a total of last year within a 24-hour period.
Singles day is an unofficial chinese holiday and is now one of the most popular shopping festivals around the world renowned for its steep discounts. As the pandemic has increased the popularity of online shopping, this year the sales started early on November 1st to help avoid delivery backlogs and to help boost post-pandemic sales.
With 89% consumers willing to spend the same as or more than they did the previous year (Oliver Wyman), this Singles day sales will no doubt see an impressive record number not only for Alibaba but for other ecommerce platforms such as Bol.com.