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Chinese Shoppers Spent $25.3 Billion In 24 Hours, This Singles Day

14 November, 2017, 00:38 | Author: Paula Vaughn
  • China e-commerce laws

The total gross merchandise volume or the amount of sales transacted on Alibaba's platforms was almost four times the combined online sales of "Black Friday" and "Cyber Monday" in the US, Alibaba officials said.

Audio will be available later today.

The date of November 11 emerged as a counter-cultural antidote to the sentimentality of Valentine's Day.

In China, Alibaba's main rival, online retailer JD.com, did not provide a sales figure only for Saturday but said cumulative sales over the 11-day period starting on November 1 through Saturday totalled 127 billion yuan ($19 billion US). Mobile transactions made up 90% of sales during the day-long event, with as much as 97% of orders coming from mobile devices in the first minute, Yahoo!

Squali notes, "Strong Chinese consumer buying, 4x growth in global brands, strength in cross border trade, rise of New Retail and ubiquity of mobile drove this outsized performance, and bode well for the company's December quarter". At its peak, the company's processors handled 256,000 transactions per second.

"More than $25 billion of (gross merchandise value) in one day is not just a sales figure", said Daniel Zhang, CEO of Alibaba Group.

The sheer scale of Singles Day is mind boggling. China has 731 million internet users, up 6 per cent from 2016, according to government statistics.

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EHS attributed the strong growth to the increasing popularity of the Singles' Day shopping event in Taiwan.

Last week during a visit to China by U.S. President Donald Trump, JD said it would buy $2 billion in U.S. goods, including $1.2 billion in beef, over the next three years.

For example, Amazon has a market cap of $427 billion, whereas Alibaba is at a "mere" $265 billion, but they account for almost the same amount of total retail in the United States and China, respectively (over $4,800 billion each).

And after some years had passed, depending on your perspective, there came a new sales opportunity or a wave of commercial exploitation.

So over the weekend, the ninth version of this co-opted observance took place, and Alibaba says more than a million retailers around the world took part.

Alibaba said more than 140,000 brand and merchants participated, its payments platform, Alipay, processed 1.48 billion transactions and its logistics provider Cainiao Network processed 812 million total delivery orders.

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