Alibaba racks up $35b in Singles' Day sales

by Frankie Norman November 12, 2017, 0:50
Alibaba racks up $35b in Singles' Day sales

"Nearly $11.9 billion worth of total Gross Merchandise Volume (GMV) (sales in dollar value of goods sold over a certain period) was generated within the first two hours of the shopping festival", Alibaba Group Holdings Limited said in a statement.

Alibaba, the Chinese online retailer akin to Amazon who's also eyeing global expansion, uses Singles' Day to test its supply-chain and update local Chinese retailers' computers systems so that they can get in on the event by acting as delivery and storage centers.

That blew well past the $17.8 billion logged over the full 24 hours last year, which itself marked a 32 percent year-on-year increase.

Alibaba said that by midday yesterday, the gross value of sales processed by Alipay (支付寶), its online payment system, had surpassed the US$17.8 billion logged over the full 24 hours previous year.

Even when putting together all the biggest US shopping holidays, Black Friday, Thanksgiving, Cyber Monday, and Amazon's Prime Day-sales from Chinese e-commerce giant Alibaba's Singles' Day still come on top, according to data compiled by Fung Global Retail & Tech.

Alibaba launched "Singles Day" as the Chinese online answer to the late-November US "Black Friday" shopping rush, capitalising on the Chinese love of a good bargain and the growing national addiction to one-click smartphone payments. Cyber Monday sales clocked in at $3.5 billion-resulting in total sales of about $8.7 billion as consumers prepared for the gift-giving holiday season. There were 256,000 payment transactions processed per second by Alipay, Alibaba's Alizila news website reported. Greenpeace said Singles' Day deliveries past year created 130,000 tonnes of packaging waste - less than 10 per cent of which is recycled.

Alibaba Day, known as the "11.11 Global Shopping Festival", is the largest e-commerce day in the world, driven by the main Alibaba platform, Tmall.

That figure does not include other days of the Singles' Day shopping event.

Alibaba said hundreds of millions of Southeast Asian consumers will be able to access Taobao this "Singles Day".

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