Alibaba does $38B in 1 day @ 11.11 event !!

WoH !! Alibaba, the china based e-commerce giant, sets a whopping record on Singles Day (Double 11), the world’s largest 24-hour shopping event with $38B in sales.

Not surprisingly, electronic gadgets and cosmetics where the two big segments, where buyers lopped it up.Some of the top-selling products early in the day included the 5G version of Huawei’s Mate 30 Pro smartphone, as well as Apple’s iPhone 11 Pro and Pro Max.

But, that's anyways just the high flash news thats there everywhere. What got me thinking & obvisouly its not new or only this year is 1) The quantum of dollar figure that china does vis-a-vis india and 2) Alibaba with its few subsidary did total of $38 billion which is what india does all year long (somewhere there).

Few take aways here -

1) China is huge and continues to multi-X of what India is.

2) China does things differently, at scale and makes bold moves.

3) India still is in its infancy but chugging along at handsome % growth on the e-commerce segment.

4) The good part about 11.11 sales is, India will also do this at some point in time. Sales number in a single day event, i just dont know when, but its just logical given the size and market that India is.

5) India's e-commerce penetration is a dismal 0.1% penetration as compared to say a South Korea that's close to 20%, which means the indian e-commerce industry/ market has a potential of at-least 100x growth from here.

6) The above also means lot of scope for startups and innovation to take part, add value anywhere across the length & breadth and participate in this growth story.

7) e-commerce sure short success. Why ? People are lazy, making more money and have less time at their disposal.

Again, huge congratulations to Alibaba built by Jack Ma, an enchanting story for all us to look, study and get inspired by.