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Alibaba smashes Singles' Day records with 39% sales lift

Alibaba smashes Singles' Day records with 39% sales lift”

The Singles Day sales figure significantly dwarfs that of the US' Black Friday and Cyber Monday sales.

Alibaba is also willing to export the Singles' Day 24-hour shopping concept to the rest of the world as the company has committed to serve 2 billion consumers worldwide by 2036, Tsai said. With more worldwide brands participating in the holiday with deals, sales could be much higher than a year ago, according to Squali.

Also known as "Double 11" for the November 11 date, the event launched in 2009 by e-commerce giant Alibaba Group Holding Ltd (November里巴巴) started at midnight and ended up shattering the last year's sales mark, as it does every year. Just five minutes after midnight, Alipay, Alibaba's online payment system, was already processing 256,000 transactions per second, double the highest rate recorded past year. "By 2020, China's e-commerce market is set to be larger than those of the US, Japan, Germany, the United Kingdom and France combined", said Nick Landon, managing director of Royal Mail Parcels. The 2017 Singles Day sale is already over $3 billion ahead.

The yearly display of rising Chinese consumer spending power has become a key date for manufacturers and retailers in the country, accounting for a significant share of annual orders for many businesses. About 90 percent of transactions were done via mobile. It is expected that an estimated 1.5 billion parcels related to the event will be shipped over the next six days to millions of people across more than 600 cities.

First introduced in 2009, the 11.11 shopping festival, featuring a 24-hour online shopping promotion on Alibaba's major platforms, has fast-grown into a landmark celebration on a global scale.

Just like USA versions of the shopping holidays, Alibaba offered discounts on a variety of goods, from household items to electronic gadgets to clothing to beauty supplies.

"At 12:07am, the number of payment transactions processed by Alipay surpassed 100 million, equivalent to the total number of payment transactions processed during 2012", it said.

Combined with Amazon's acquisition of grocery chain Whole Foods, Alibaba's plans mark a broader trend of the e-commerce giants moving into brick-and-mortar retail.



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