Alibaba Group (BABA) Generated $7B of GMV Within the First Two Hours 11.11 Shopping Festival
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Alibaba Group Holding Limited (NYSE: BABA) 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.
In the hours leading up to the official midnight start of November 11, millions of viewers watched the Alibaba Group 11.11 Global Shopping Festival Countdown Gala live online and on mobile devices via Youku Tudou, and the Tmall and Taobao apps. The gala was televised live across China through Zhejiang Satellite TV, as well as in Hong Kong and Macau for the first time.
“This year, we innovated new ways for consumers watching the live broadcast of our countdown gala. Viewers were able to influence the production of the show in real-time through their mobile phones,” said Chris Tung, chief marketing officer, Alibaba Group. “Consumers in front of their televisions were shaking, tapping, scanning, chatting, browsing and buying with their mobile devices, creating a seamless and truly immersive entertainment experience.”
The annual shopping event kicked off earlier today at 12:00 a.m. China Time. Early highlights 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
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