$74.1 billion. That’s the gross merchandise volume earned by Alibaba (NYSE: BABA) alone during the 2020 Singles Day holiday.
The Chinese online shopping event, which takes place every Nov. 11, generates sales numbers that are staggering in scale.
Alibaba’s haul is more than seven times larger than the estimated GMV earned by Amazon (NASDAQ: AMZN) during its Prime Day holiday.
But which shopping holiday has grown faster over the last five years? The answer —perhaps surprisingly — is not the Chinese one.
Prime Day Grows Much Faster Than Singles Day: Alibaba’s $74.1 billion in Singles Day 2020 sales certainly represents an impressive growth rate from its GMV of $17.7 billion during Singles Day 2016. In fact, it represents a compound annual growth rate of 33.16% per year.
But according to Digital Commerce 360 estimates, Prime Day 2020 brought in $10.4 billion for Amazon — which, although smaller, represents a 46.91% CAGR from Amazon’s haul of $1.52 billion from Prime Day 2016.
If we look at growth over the last year, we can see that the growth of Alibaba’s Singles Day sales has quickened relative to Amazon’s Prime Day sales; the former grew 92.97% in the last year, while the latter only grew 45.25%.
But this recent growth catch-up is in large part attributable to Alibaba’s extension of the holiday into a 12-day period running from Nov. 1 to Nov. 12, something Amazon has not done with Prime Day.
Why It Matters: This data challenges the narrative that Alibaba is