As Alibaba reaches the conclusion of Singles Day, its 24-hour shopping extravaganza held each year on November 11, the e-commerce giant has already crushed comparable US shopping events, including Black Friday, Cyber Monday, and Amazon's Prime Day.
Alibaba said that in its first hour, it generated an estimated $13 billion in sales, nearly double the total estimated sales amassed in 48 hours during Prime Day in July.
In the battle of e-commerce shopping holidays, Alibaba's Singles Day is once again crushing Amazon's Prime Day.
The Chinese retailer said it generated $13 billion in its first hour on Monday, a 32% increase from first-hour sales last year and nearly double Amazon's estimated sales during Prime Day in July.
While Amazon did not disclose total sales from Prime Day, simply saying it was "once again the largest shopping event in Amazon history" with more sales than Black Friday and Cyber Monday 2018 combined, Internet Retailer estimated that Amazon raked in $7.16 billion globally on July 15 and 16.
That was a significant increase from last year's estimated $4.19 billion in Prime Day sales, but it still pales in comparison to Singles Day. Now in its 10th year, the shopping extravaganza continues to garner significant business and solidify Alibaba as a dominant force in the e-commerce industry.
Alibaba said it raked in more than $38.3 billion in sales this Singles Day, outpacing analyst estimates for Black Friday and Cyber Monday sales in the US this year.
According to Adobe Analytics, the post-Thanksgiving shopping weekend is expected to bring in $29 billion in online sales this year. In 2018, Black Friday and Cyber Monday reached record highs, with $6.22 billion and $7.9 billion in online sales, Adobe reported.
Courtesy : Business Insider