The e-commerce world’ most awaited day. This day, known as the ‘Double 11’ or ‘Singles’ day is the most spectacular day from a standpoint of tech, digital, commerce and human’ will go about with their buying habits etc.
During the 24-hour period of Saturday, Alibaba recorded ~1.5 billion transactions, totalling ~$25B of GMV from its combined Taobao marketplace and Tmall brand store. Just take a pause and mull over the number again. This is way-way more than the other 2 large e-commerce days combined in US (Black Friday & Cyber Monday).
It was not always like this. Go back to 2011 where it all started, then the numbers where more earthly and comparable between all these 3-GIANT-ECOM-DAYS all around the ~$1B mark. In just 7 years, the world has changed big time, with China surpassing the US by leaps and bounds.
Let’s go back to the numbers 1 more time. With ~1.5B transactions its safe to assume at least 200M people must have transacted on the Double-11 day. The other startling number was that 90% of these transactions & purchase where done on a MOBILE DEVICE !!!!! reinforcing the belief and trend that desktop & laptop are a goner (matter of few years…). This also bodes well for the other big economy in the globe & Asia. India !! promising to be the next China in the making by most yardsticks.
I’m inclined to believe India will also hit similar number by 2025 or little earlier. For those nay-sayers, read the quote below by Bill Gates..
“We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten. Don’t let yourself be lulled into inaction.”