Alibaba Group generates US$10bil GMV in first hour of 2018 11.11 shopping festival
By Digital News Asia November 12, 2018
- US$1 billion was settled through Alipay in the first one minute and 25 seconds
- Participation comes from more than 180,000 brands
ALIBABA Group Holding Limited on Nov 11 kicked off the 2018 11.11 Global Shopping Festival at midnight in China.
Early highlights of this year’s festival included:
- US$10 billion (RMB69.3 billion) of total GMV was settled through Alipay in one hour and 48 seconds.
- US$1 billion (RMB6.9 billion) of total GMV was settled through Alipay in the first one minute and 25 seconds
- Participation from more than 180,000 brands
In the hours leading up to the shopping event, Alibaba’s video streaming platform Youku hosted the fourth annual countdown gala to celebrate the official launch of the festival. Viewers were able to experience the gala live via Youku, as well as across China on two major Chinese TV stations.
This year, the gala featured international celebrity appearances and performances from Miranda Kerr, Mariah Carey and Cirque du Soleil.
The 11.11 shopping festival began in 2009 with participation from just 27 merchants as an event for merchants and consumers to raise awareness of the value in online shopping.
Last year, over 140,000 brands and merchants participated in the global shopping event, with consumers spending RMB168.2 billion during the 24-hour period.