The Chinese’s Guanggun Jie, or Singles Day, takes place each year on 11/11. A day set aside to celebrate being proud to be single, has become one of the largest consumer shopping days of the year, dominated by one ecommerce giant Alibaba. Last year (2016), Alibaba processed $17.8B in Gross Merchadise Volume (GMV), which doesn’t represent Alibaba’s corporate revenue, but instead the total value of the goods sold on the platform. Alibaba mostly earns revenue on advertising placements on the platform. Yesterday, for Singles Day 2017, a whopping $25.3B was purchased through the Alibaba platform. This represented a 39% YoY increase. Wow. However, what this also continues to demonstrate is the structural shift underway in retail, where one digital platform can attract and process more volume in a day, than most retailers do in a year. Think about it, today we’re talking about Alibaba, not the 140,000 brands and retailers who provided the products. Who owns the customer, really? That’s huge!
Below is an infographics published by Alibaba: