Singles’ Day gets bigger every year, and 2016’s figures leave no doubt that the event is a huge success. The total sales for the day were a record-setting $17.8 billion in gross merchandise volume (GMV) on Alibaba’s platforms alone, which is a remarkable 32 per cent rise over 2015’s figure of $14.3 billion.
However, this fell short of the forecasted $20 billion that media reports were expecting, and the overall growth didn’t quite hit the levels seen the year before; Singles’ Day GMV rose 60 per cent between 2014 and 2015. Retailers also reported that the cost per order dropped slightly from 2015.
The 2016 sales figure of $17.8 billion is even more staggering when you consider the fact that just three years earlier, Singles’ Day noted $5.14 billion in sales. Now they can hit that amount in just one hour.