Double11 Ended at Midnight, Alibaba Generated RMB268.4 billion

By the time Double 11 ended at midnight on Monday, Alibaba had generated RMB268.4 billion (US$38.4 billion) in gross merchandise volume (GMV)  in just 24 hours, a 26% jump over last year’s numbers. GMV in 2018 was RMB213.5 billion, or US$30.8 billion.

The President of Taobao and Tmall expressed to the media, “ we showed the world what the future of consumption looks like for brands and consumers. We are meeting the growing demand of Chinese consumers and helping them upgrade their lifestyles, while introducing new users to our digital economy from across China and around the world.”  In addition to a new record GMV, the total number of delivery orders also reached a new high: 1.292 billion, up 24% from 1.042 billion last year.  There were 299 brands to reach RMB 100 million in GMV, including Apple, Nike, Estee Lauder and Giorgio Armani. The top 10 countries selling to China through Alibaba’s cross-border platforms were Japan, the U.S., Korea, Australia, Germany, France, the U.K., New Zealand, Italy and Canada.

Last year’s festival was all about the Alibaba ecosystem, and certainly that ecosystem continues to play a critical role in setting new GMV records and generating greater levels of consumer engagement, as Alibaba draws additional businesses into 11.11. 2019, however, was all about consumers: where they are in China, how to reach them and providing them with the best possible selection of products.

Increasingly, those consumers are in China’s lower-tier cities and rural areas. Alibaba had said that it expected most of the 100 million new users participating in this year’s 11.11 to come from these areas, where China’s biggest consumption growth is happening. In fiscal 2019, more than 70% of Alibaba’s 102 million newly acquired annual active consumers were based there. Lower-tier areas are the most important business strategy this year and a strategic direction for the company, because China’s less-developed markets have a lot of potential for growth when you consider their population, geography and shopping habits.

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