GCTL8.com (FocusAsia Media Ltd)
BEIJING, Nov 11 (FAM) – Gross merchandise volume on Alibaba’s retail platforms flew past 10 billion yuan (US$1.5 billion) with just six minutes 58 seconds after the Singles Day shopping spree kicked off at midnight, whilelast year, it took 12 minutes 28 seconds to break the threshold.
Alibaba staged a star-studded countdown gala last night in Shenzhen, Guangdong Province, with celebrities such as David Beckham, Kobe Bryant, Scarlett Johansson taking to the stage to promote the biggest shopping event in China. New York-based research firm Fung Global Retail & Technology estimated this year’s sales will exceed US$20 billion, compared with last year’s US$14.3 billion. Purchases using mobile devices will continue to climb and the performance gap between Singles Day and US shopping holidays is set to widen, it said.