The e-commerce market of China is known to be bigger than Indian market. The biggest e-commerce company of China, Alibaba has just sold more goods im just 76 minutes than Flipkart and Amazon has managed to sell in 2017.
One hour and 16 minutes into Alibaba’s Singles Day sale, the company said that it had sold goods with GMV (Gross Merchandise Value) of 91.2 billion RMB, or $13.1 billion.
Throughout 2017, Myntra and Flipkart have together sold goods those worth $7.5 billion, and Amazon India has made the sales of $5 billion. The sum of their sales of $12.5 billion was eclipsed by Alibaba in little over an hour.
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Singles Day is Alibaba’s flagship sale, and the highlight of China’s shopping calendar. It is originally celebrated on 11th November by singles those wanted their own holiday to compete with Valentine’s Day, and it was popularized by Alibaba as a shopping festival in 2009.
The event has since come to symbolize China’s e-commerce revolution, and Alibaba pulls out all stops during promotions. International celebrities fly over to China to promote the event — this year singer Mariah Carey promoted the sale. In the past, celebrities including Maria Sharapova, David Beckham, Scarlett Johannsen and Kobe Bryant have all flown in to China to ring off the sale.
And if Alibaba’s gap over its Indian peers seems large now, it only seems to be widening with time. In 2016, Alibaba had taken an hour to make $5 billion of sales, and take it past the then-GMV of Flipkart at $4.5 billion. In 2017, Alibaba tool half an hour to sell $7 billion of goods, which was more than the 2017 GMV of Flipkart at $6 billion. And this year, Alibaba only needed 35 minutes to make $8.2 billion of sales, to comfortably go past Flipkart’s GMV of $7.5 billion.
These are stunning numbers, and show how much ground Indian companies have to cover before they can compete with their Chinese counterparts.
These numbers even show how much Indian headroom Indian companies have to grow — India’s GDP per Capita is $1983, while China’s is more than four times higher at $8,643.
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