Alibaba has been known for setting records in the world of online shopping. Last year, on Singles Day, the Chinese giant had registered sales worth $25.3 Billion. This year, the company has managed to break it again and register at a whopping $30.8 Billion. It means that Alibaba website was able to make sales worth $30.8 Billion within the time-period of 24 hours. It should be noted that the numbers come under the term GMV, which refers to Gross Merchandise Value. It is inclusive of the sales done through various online shopping channels owned by Alibaba.
This is not the first time Alibaba Group is jumping towards high figures in the world of e-commerce. In the course of time, the company has built the reputation of breaking records and rebuilding them. Compared to the last year’s number, there was 27% rise in the amount of sales registered on this Sunday. Just like what happened in last year, Alibaba was offering huge number of discounts to users, in various sectors including electronics and others. Some sources have reported that Apple was one of the most-brought brands during the 24-hour period.
The year-on-year growth of Alibaba sales is much bigger than what can be seen in terms of growth. Due to the weakening of Chinese Yuan, there will be a huge change in number when converting the numbers from Yuan to Dollar. Keeping this aside, Alibaba has managed to attain an unprecedented growth in terms of GMV and the popularity. The Singles Day Sales was one of the most anticipated sales by users, although multiple sales are done by US shopping sites throughout a year. Thanks to the mind-boggling discounts and promotion deals, the Alibaba-owned websites were able to cross the usual numbers within 12 hours.