Earlier this week, a rather impressive online sales record was set by Taobao, a Chinese e-commerce service owned by Alibaba, one of the world’s largest ecommerce groups.
Taobao reported $3 billion of sales in a single day (November 11th).
That’s not a typo, the day’s sales were recorded at $3 billion and according to Chris West, blogger at West is East and owner of the Min River Tea Farm, in Fuzhou, China the closest competitor to this sales figure was 2011 Cyber Monday in the US, where total sales across all retailers was $1.25bn according to comScore.
So why such a massive sales figure on this date?
Taobao.com held a discount promotion to celebrate what’s known as ‘double sticks day’ in China, a Chinese holiday for singles similar to Valentine’s Day.
Here is a breakdown on the figures from the day’s trading, and if further proof is needed on the growth of Chinese ecommerce; last year’s “Double Sticks Day” saw $380 million in sales for Taoboa, so this year’s sales have grown by just over 360 percent.
• $3.06 billion in sales
• 109 stores with more than $1.6 million USD in sales within 12 hours
• One brand (Tmall) with more than $2.1 billion in sales
• 213 million active accounts
• 105 million orders
• 7 million mobile accounts active in the first hour
• $84 million in sales via mobile just by 2 p.m.
We wait to see what next year brings.