Alibaba racks up $35b in Singles' Day sales

Nov 12, 2017, 01:58
Alibaba racks up $35b in Singles' Day sales

Alibaba hosts a large gala on the Friday before Singles Day.

The day was unremarkable until 2009, when Alibaba turned the occasion into an online shopping festival.

More than 140,000 brands participate in 11.11 in 2017, offering 15 million products The Double 11 shopping event has more than 60,000 worldwide brands that will offer popular items from authentic autographed sports memorabilia to fresh foods and produce to half a billion Chinese consumers.

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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. Cyber Monday in the United States saw $3.45 billion in online sales past year. Alibaba has not only transformed consumer behavior in China, but merchant behavior as well.

China's smartphone-wielding masses unleashed billions of dollars in e-commerce spending Saturday as they rushed to snap up bargains on "Singles Day".

. The yearly buying binge has become crucial for manufacturers and retailers across the country, accounting for a significant share of annual orders for many businesses.

Alibaba has also introduced Hema Stores, wherein consumers can walk into the offline store and scan each of the products present in the store through their mobile phones to know more information about it.

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Couriers and robots are expected to deliver an estimated 1.5 billion parcels over the next six days. At its peak, the company's processors handled 256,000 transactions per second. Alibaba's been trying to tell us all along, like all good friends do when they see the writing on the wall, but a record day of sales may just prove the point once and for all.

But JD.com, reporting 11.11 figures for the first time, generated 127.1 billion RMB in revenue, or $19.14 billion. Ahead of the event, the retailer also outfitted almost 100,000 of its Tmall stores across China with facial recognition technology to process payments.

But environmentalists accuse Alibaba and other e-tailers of fuelling a culture of excessive consumption and mountains of waste.

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"Using past growth figures, Hylink have predicted that Singles' Day is expected to generate over US$21 billion in sales this year".

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