Alibaba the merchandise dealer has created a record $17.79 billion (120.7 billion Yuan) in GMV (Gross Merchandise Volume) on China’s single day shopping bonanza. This record is 32 percent up from the previous year. The growth rate of this year is lower than the 60 percent climb recorded in 2015 over the previous year. On November 11, the annual shopping event has pushed $7.2 billion in just one hour in the 24-hour event. The Chinese e-commerce giant has processed $1 billion in five minutes alone through the mobile-pay platform Alipay. The previous year it took the company 8 minutes to reach the same target. About 1.04 billion payments were processed Across Alibaba’s e-commerce platforms, mainly Taobao Marketplace and Tmall.com compared to 710 million last year. Cross-border transactions from the United States, South Korea, and Japan was being the top three was also being announced by the Chinese Vendor. Philips, Nike, Adidas, and Uniqlo are the international brands participated in the 24-hour sale.
Not only the pure metrics but on upcoming opportunities from China’s yet largely unexploited e-commerce market is the target of the company said Daniel Zhang, CEO at Alibaba Group while commenting on GMV growth rates. 11.11 sales were more than double the combined sale from Black Friday and Cyber Monday (United States equivalent of the Singles Day) mentioned the company in a statement.