Shopee says 11.11 transaction value hits over $1 billion

E-commerce platform Shopee saw a global gross merchandise value (GMV) of over $1 billion on Nov. 11 alone, with exclusive promotions for shoppers and breakthroughs for small online businesses.

When compared to an average day, Shopee Live saw an increase in products sold of 33 times, alongside an 8 times uplift in new viewers on 11.11 itself, Shopee Philippines said in an e-mailed press statement on Wednesday.

It also noted a seller’s livestream selling over 67,000 items, generating P1 billion in sales on the day alone.

“We are elated by the overwhelming response and record-breaking success of our 11.11 Mega Pamasko Sale,” said Vincent Lee, head of Shopee Philippines.

“[We] will continue elevating the platform for more rewarding shopping experiences,” he added.

The e-Conomy SEA report by Google, Temasek Holdings, and Bain & Company showed the Philippines’ digital economy is forecast to reach between $80 billion and $150 billion in gross merchandise value (GMV) by 2030, slightly lower than its previous projection of $100-150 billion.

According to the report, it is projected to grow by 13% this year to $24 billion in GMV. This will be mainly driven by e-commerce, which is expected to expand by 21% annually to hit $24 billion by 2025. E-commerce is forecast to reach $60 billion in GMV by 2030.

Shopee Philippines said its top categories during the 11.11 sale were home and living, followed by health and personal care.

The links of an affiliate were able to generate P1.2 million in total sales, which grew five times from a normal day, it added.

It noted 12 million vouchers redeemed and 1.2 million entries for its Shopee Live Milyonaryo program, which has a P1 million prize.—Miguel Hanz L. Antivola