Chinese eCommerce giant Alibaba racked up $38.4 billion in total sales on Monday’s Singles Day, beating last year’s $30.5 billion.
As the company started live-streaming products of different brands, the numbers went up fast and hit $1 billion after one minute and eight seconds, and then $22.6 billion in the first nine hours.
According to Alibaba, 84 brands including those of Apple Inc., L’Oreal SA, and Fast Retailing Co. Ltd’s Uniqlo each made over 100 million yuan ($14 million) in sales in the first hour.
“Nearly all our brands have opted for live-streaming promotions sometime this year. It’s more entertaining than browsing through a product detail page. Traffic from live-streaming is easy to convert into transactions, and Tmall has supported stores that run live-streaming activities with resources.” – Josh Gardner, CEO, Kung Fu Data
Gardner helps overseas companies sell products on T-mall, a marketplace owned by Alibaba that generated more than 10 billion yuan ($1 billion) in sales in the first 60 minutes of the 24-hour shopping event.
Singles Day transcends the Chinese market
Alibaba created Singles Day in 2009 for no other reason than to spice up the eCommerce industry in China, which was still in its nascency at the time.
Through the years, it has turned into one of the much-anticipated annual sales events — no different from Black Friday, Cyber Monday, and Prime Day — not only in China but also in Southeast Asia’s eCommerce markets.
Lazada, another Alibaba-owned marketplace that operates in Singapore, Malaysia, Indonesia, Vietnam, Thailand, and the Philippines, said it got more than three million orders in the first 60 minutes on Singles Day.
On the other hand, Sea Group’s eCommerce platform, Shopee, share that its order volume tripled in the first hour and exceeded last year’s. Both marketplaces launched their own live-streaming services in the months leading up to Singles Day, enabling shoppers to prepare for their shopping journey.
Do you plan to livestream your products on Black Friday and Cyber Monday to make a million dollars fast? Let us know in the comments below or over in our Facebook Group.