Is there a typo? Nope. Is this even possible? You bet, this is China, fastest growing market for e-commerce in the world fueled by 200 over million online shoppers.
Some quick facts released by Tmall.com (note: all currency is in RMB, 1 USD approx. 6.2 RMB)
- 0001:- 10 million people logon to Tmall.com
- 0023:- 3 merchants break 10 Million sales
- 0800:- 53 merchants break 10 Million sales
- 0816:- 5 Billion transacted on Alipay
- 1118:- 7.9 Billion transacted on Alipay (already exceed US cyber monday sales 2011)
- 1200:- In just 12 hours, 109 merchant break 10 Million sales
- 1338:- 10 Billion transacted on Alipay - A new record is born
- 1847:- First Tmall merchant hit 100 Million sales (http://jackjones.tmall.com/)
- 2400:- In just 24 hours, sales in both Tmall.com + Taobao.com hit 19.1 Billion
- Tmall sales total 13.2 Billion
- Taobao sales total 5.9 Billion
- Total order qty is 1.058 Billion, avg order size is 180
Like Cyber Monday, 11th Nov (known as 双11, or "singles day" in China) has become a super sales day for every etailer in China, Tmall (天猫商城), Taobao (淘宝网), Dangdang (当当), 360buy (京东商城), Suning (苏宁易购), Amazon China (亚马逊中国) all taking part in this super sales day.
There are 5 merchants in Tmall.com did more than 100 Million RMB sales each in a single days! They are:
- http://jackjones.tmall.com/ (119 Million RMB)
Impressive? Of course, consider this mind blowing sales is done in a single day! Then again, this is China, you need to take a pinch of salt as integrity still a main issue, see this report from ebrun already discovered some merchants actually boost their own sales by buying up their own merchandize.
Tmall (Previosuly known as Taobao Mall) is the undisputed no1 B2C ecommerce website in China, it position itself as the goto place for high-quality, brand-name products from quality merchants offering customer-service guarantees. Spun off from Taobao in 2008, Tmall has a different business model that acquire higher-quality branded merchants, including multinational companies like Forever21 and Uniqlo. They emphasize on 100% genuine products (unlike Taobao.com, the sister C2C site, is rigged with counterfeit products) and aim to create the most trusted place to shop online for chinese consumers.
See the chart below showing top 10 B2C China eCommerce site in 2011. (note: emarketer has another estimation here on china's ecommerce market)
After this world record setting events, Jack Ma, the legendary founder of Alibaba, declared that the war of etailers vs traditional retail has already begun.