Alibaba

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Chinese e-commerce giant Alibaba, generated a staggering CNY57.11 billion (US$9.34 billion) worth Gross Merchandise Value on the first day (November 11th) of the Double 11 online shopping festival in China.

The GMV achieved this year, is a staggering 57.75% increase from CNY36.2 billion recorded a year earlier. Apart from Alibaba, other online retailers like JD.com and smartphone maker Xiaomi, also recorded blockbuster sales on the first day.

The number of transactions totalled a whopping 278 million this year, with 42.6% of online shopping orders coming from mobile devices compared to 15% a year earlier, said the Internet service company, which has been promoting the online shopping festival since 2009.

Total shopping value reached the CNY10 billion mark in 38 minutes after the shopping platform was open to the public and surpassed 2013’s record of CNY36.2 billion in thirteen hours, Alibaba said.


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