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RMB 19.1 billion Yuan! The single day transaction volume of Alibaba's Tmall and Taobao on November 11 marked a magnificent achievement in the development history of China's online shopping. This number equals almost to one sixth of the annual sales value of China's home appliance magnate GOME in 2011. According to statistics from the National Bureau of Statistics of China, China's overall retail sales of social consumption products in October amounted to RMB 1,893.4 billion Yuan. At this rate, the RMB 19.1 billion Yuan accounts for up to 31.2 percent of China's daily retail sales in October.
During the "Double 11" sales, Alibaba was not the only winner. According to statistics from China Ecommerce Research Center, 317 out of the 400, or about 80 percent of, ecommerce enterprises interviewed said that they organized sales promotion on November 11. Yu Liangchuan, director of the Planning Department of GOME's online store, suggested that on November 11, sales of GOME's online store increased by more than 5 times compared with the same period of the previous month. Statistics show that 360buy.com had more than 400,000 orders on that day, an increase of more than 290 percent compared with the same period of last year. Suning.com said that its sales on that day increased by more than 20 times year on year.
With the sweeping victory of online shopping platforms, the struggle between online shopping and traditional retailing, representing the new channel and the old channel respectively, begin to surface again. Ma Yun, chairman of the board of Alibaba Group, said that: "The new commercial eco system led by ecommerce enterprises will raise a revolutionary coup against the traditional commercial eco system".
Snow brings joy to severe winter
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