China's E-Commerce Giants Announce Record Sales on Singles' Day 2020

Consumer Staples Author: Ruizhi Cheng Editor: Luke Sheehan Nov 12, 2020 08:15 AM (GMT+8)

On November 11, the half-hour turnover of Tmall exceeded the whole-day turnover last year and the turnover of in the first 9 minutes of the day was above CNY 200 billion. The sales records have shown China's strong economic recovery.

Online shopping has become more popular among consumers. Image credit: Negative Space/Pexels

The turnover on Alibaba's e-commerce platform Tmall, in the first 30 minutes of this 2020's 'Singles' Day' shopping holiday (November 11) exceeded CNY 372.3 billion, surpassing the 2019 figure. After 35 minutes on November 11, Tmall has more than 300 brands with transaction volumes that broke 100 million. Meanwhile, Apple, Huawei, Midea Haier and other brands exceeded CNY 1 billion. As of 12 AM on November 12, the whole-day turnover of Tmall reached CNY 498.2 billion, an increase of 85.62% compared with 2019's CNY 268.4 billion.

The Taobao spinoff's nemesis (JD:NASDAQ) announced that as of 0:09 AM on November 11, the cumulative amount of orders had exceeded CNY 200 billion. The final turnover of on this year's Single's Day reached CNY 271.5 billion.

Private retailer (002024:SZ) also made great progress this time, with the online sales growing by 75% between November 1 and November 11.

Pinduoduo (PDD:NASDAQ), one of the hottest Chinese stocks this year, has decided not to announce its sales data. The firm's officials said they focus more on whether their consumers enjoy the shopping process than transaction data.

Above all, the Single's Day festival this year is more than a surprise. From businesses to consumers, from foreign factories to fields, from live broadcast ecology to logistics system, from offline commerce to technical support, from home to overseas, people are feeling the heat and power of consumption under the special background of COVID-19, which entitles more meaning to this year's Single's Day.