Alibaba increases GMV by 27 per cent at record shopping festival
E-commerce giant Alibaba has seen a record 27 per cent increase in gross merchandise value sold during this year’s 11.11 shopping festival.
The festival took place in Shanghai over a 24 hour period with more than 180,000 brands participating. Australia, Japan, United States, South Korea and Germany were among the top countries selling in the event, with 230 countries and regions having participated.
In the first hour of 11:11 Global Shopping Festival, sales of Australian lamb increased 775 per cent from 2017.
The top categories of imported products bought by Chinese consumers by GMV included, health supplements, milk powder, facial masks, nappies, infant and toddler nutrition and everyday skin care products.
Total GMV settled through Alipay reached RMB213.5 billion ($42.45 billion), with more than 40 per cent of consumers buying through international brands.
According to Alibaba, RMB6.9 billion ($1.37 billion) of GMV was settled in the first one minute and 25 seconds, and RMB69.3 billion ($13.78 billion) in one hour and 48 seconds.
“Today we witnessed the strength and rise of China’s consumption economy, and consumers’ continued pursuit to upgrade their everyday lifestyles,” Alibaba Group chief executive Daniel Zhang said.
“Participation from the entire Alibaba ecosystem enabled our brand and merchant partners to engage with consumers like never before.”
Last year, Alibaba saw sales reach RMB168.2 billion ($33.45 billion), which broke the previous year’s record of RMB120.7 billion ($24 billion).