Singles Day 2020: how much did brands earn from e-commerce players?

"Chinese e-commerce giant Alibaba has reported that its first Covid-19 era Singles' Day generated RMB498.2 billion (US$74.1 billion) in gross merchandise volume (GMV) from November 1 to 11. This an increase of 26% compared to the same timeframe in 2019. Alibaba said over 470 brands achieved more than RMB100 million in GMV and handled 583,000 orders per second during the peak of activity. Apple, L'Oréal, Haier, Estée Lauder, Nike, Huawei, Midea, Lancôme, Xiaomi and Adidas were among the brands that exceeded the RMB100 million mark."

"Its Cainiao Network processed more than 2.32 billion delivery orders cumulatively over the 11-day period. In addition, 30 livestreaming channels featured on Taobao Live that each generated more than RMB100 million in GMV. "Over the past 12 years, innovation has been at the heart of 11.11 and along the way it became a global consumer festival. 11.11 is defined by our consumers, merchants and our partners across the ecosystem, and also a beneficiary of all the support from society," said Jiang Fan, president of Taobao and Tmall."

""We will continue to focus on developing our digital infrastructure in the service of mall empowering merchants of all sizes to find a path to success in the digital economy." Roxana Alam, senior strategist, FutureBrand London notes that since its inception almost a decade ago, Singles' Day has seen double-digit growth year-on-year. She says the pandemic will no doubt have an immediate impact on driving growth further in the short-term, with consumers expected to use the event as an opportunity to 'revenge spend' on luxury goods with money they would otherwise have spent abroad. "Longer-term, Singles' Day is set to have a wider impact on e-commerce in general. Oliver Wyman has predicted that the cyber event will eventually take place all year, not just November, with shoppers indicating they are inclined to shop more frequently with brands they buy from on Singles' Day. T"

Alibaba's Singles' Day (November 1–11) produced RMB498.2 billion (US$74.1 billion) in gross merchandise volume, a 26% increase versus 2019. Over 470 brands each exceeded RMB100 million in GMV, and peak processing reached 583,000 orders per second. Cainiao Network handled more than 2.32 billion delivery orders across the 11 days. Thirty Taobao Live livestream channels each generated over RMB100 million in GMV. Major brands including Apple, L'Oréal, Haier, Estée Lauder, Nike, Huawei, Midea, Lancôme, Xiaomi and Adidas surpassed the RMB100 million threshold. Analysts expect short-term growth driven by pandemic-related spending shifts and foresee expanding Singles' Day influence on e-commerce.

Read at The Drum