Alibaba announces new sale record after the tenth anniversary of Double Eleven, the global shopping festival that came to a close on Nov. 11.
“Today we witnessed the strength and rise of China’s consumption economy and consumers’ continued pursuit to upgrade their everyday lifestyles,” said Daniel Zhang, CEO of Alibaba Group during his closing speech.
Alibaba’s 11.11 shopping festival is the world’s largest 24-hour online shopping event in terms of gross merchandise volume (GMV). Starting from midnight on Nov. 11, stores will give large discounts on all kinds of products: clothing, home appliances, technology, and furniture, just to name a few.
The annual event first started in 2009 with only 27 retailers participating. This year, over 180,000 brands and merchants took part and more than one billion orders were placed over the course of 24 hours, exceeding the billionth order milestone for the first time.
The event is also known as Singles’ Day, originally an anti-Valentine’s Day celebration that was then adopted by Alibaba and has now become a day where everyone, single or not, buys themselves gifts.
Most Double Eleven consumers come from China, though Alibaba is starting to offer deals internationally as well. And many countries are interested in participating in the shopping festival.
“Everywhere I go, which is pretty much everywhere in the world, there are not a lot of people who do not know about 11.11,” said Micheal Evans, Alibaba’s president in an interview. “They’ve heard of Amazon Prime Day. But, we sold as much in five minutes as Amazon sold in an entire Prime Day.”