11.11 shopping festival sets new record
published : 12 Nov 2019 at 11:51
writer: Suchit Leesa-nguansuk
HANGZHOU: Alibaba’s 11.11 global shopping festival wrapped up on Monday with sales volume reaching 268.4 billion yuan (1.1 trillion baht), setting a new record for the campaign that began in 2009.
In the first 68 seconds of Monday, the 11th annual campaign’s gross merchandise value (GMV) surpassed US$1 billion (30.3 billion baht). GMV passed the 2018 total of $30.8 billion (933.5 billion baht) by 5pm.
This year GMV grew 25.7% from 213.5 billion yuan (933.5 billion baht) last year, slightly below the 27% annual growth logged in 2017.
This year saw 1.29 billion orders placed, up 59% from the 812 million last year.
Fifteen brands recorded sales of more than 1 billion yuan (4.32 billion baht) in GMV, including Apple, Midea, Haier, Huawei, Nike, Xiaomi and Adidas. A total of 299 brands topped sales of 100 million yuan (432.4 million baht).
The top 10 export brands from China were Xiaomi, Midea, Haier, MIJIA, Nanjiren, Joyoung, Bosideng, Gree, Lining and ECOVACS, in declining order of sales volume by GMV.
The top 10 markets buying products from China were Russia, Hong Kong, Taiwan, US, Australia, Malaysia, Japan, Singapore, Spain and Canada.
“We made this year's Double 11 (11.11 campaign) become the largest platform to launch new products. This year over 1 million products were launched,” said Liu Bo, president of the Taobao and Tmall marketing and operations division under Alibaba Group.
Mr Bo said that despite the US-China trade war, the Chinese economy is still strong, driven by strong domestic consumption along with new retail channels.