Singles day 2020...world's amazing online shopping day

World's largest online shopping event today rakes USD 56 billion sales (GMV gross merchandise value) together in the first hour of Alibaba's 11.11 Singles Day last night. In comparison last year total Alibaba's Singles Day GMV was USD 31 billion.

The huge increase is partly credit to spreading the event 10 days in advance of the actual 11.11 Singles Day relieving the pressure of deliveries. The GMV forecast for the actual 24h Singles Day is about USD 45 billion. Still a miraculous figure and this is only Alibaba's figure. Other major e-commerce giants such as JD and PDD are having similar events today. Beauty, health and home products are expected to be the big winners.

In perspective, the total annual GDP of Croatia is about USD 55-60 billion.

#china #chinaretail #singlesday #alibaba #ecommerce #chinesemarket #chineseeconomy #chinesesociety