Saturday, 18 November, 2017

Alipay logs record sales on China's Singles' Day

The Singles Day Sales start tomorrow Malaysians gear up for Alibaba's Singles Day shopping frenzy
Juana Turner | 12 November, 2017, 00:54

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.

This year's shopping festival entered new territory, blazing past $1 billion within two minutes of the holiday, starting at midnight on Saturday.

Chinese consumers are spending billions of dollars shopping online for anything from diapers to diamonds on "Singles Day", a day of promotions that has grown into the world's biggest e-commerce event.

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.

Global consulting firm Oliver Wyman estimated this week that Alibaba's Singles' Day sales across all e-commerce platforms this year will surge to a record 152 billion yuan (US$23 billion), compared with total spending of 120.7 billion yuan in 2016 on Alibaba platforms, including Tmall and Taobao.

On November 11 in China, Alibaba Group Holding's annual shopping festival, Single's Day, recorded $8.6 billion in sales in the first hour with a total of $25.3 billion in sales for the entire day, according to Bloomberg.

Alibaba offers an e-commerce marketplace, while JD.com has a more vertical operation like Amazon ( AMZN ).

Alibaba rivals such as JD.com also reported brisk business.

Alibaba said that five minutes after midnight Alipay was processing 2,56,000 payment transactions per second, doubling last year's high-water mark.

November 11 has been celebrated as China's Single's Day since the 1990s.

But environmentalists complain of ecological harm, accusing Alibaba and other e-commerce companies of fuelling a culture of excessive over-consumption and mountains of waste. Alibaba has not only transformed consumer behavior in China, but merchant behavior as well. Last year, there were 98,000. "I have often emptied my "shopping cart" on Singles Day", Zheng said.

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