Arts&Culture

Alipay logs record sales on China's Singles' Day

Alipay logs record sales on China's Singles' Day”

With those numbers, not Black Friday, Cyber Monday or Valentine's Day, can compete with Singles' Day as of yet. The 1-day online shopping event has passed $20.3 billion in sales 7 hours before the end of the sale.

As per the company, over 140,000 brands are participating in this year's 11.11, offering promotions for more than 15 million product listings.

Alibaba reported that sales from Singles' Day amounted to $25.3 billion, a 40 percent jump from last year's figures. Shoppers also spent $3.39 billion on Cyber Monday past year, the largest single online shopping day in the U.S., Adobe said.

Alibaba said hundreds of millions of Southeast Asian consumers will be able to access Taobao this "Singles Day". These sales were added towards the total sales for Singles' Day.

This loneliest of dates (one-one-one-one), which meant to resemble four solitary sticks, is when China celebrates its Singles' Day. Shoppers from more than 200 countries were buying and 90 percent of purchases were made from cell phones.

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Alibaba's rivals, such as JD.com Inc (京東商城), and a range of retailers have joined in, with merchants slashing prices to move goods.

Alibaba turned 100,000 physical shops around China into "smart stores" for this year's event. Alipay processed 1.5 billion payment transactions in total, up 41% from 2016, and processed 256,000 transactions per second at peak.

E-commerce's huge growth in China has put New York-listed Alibaba neck-and-neck with Amazon as the world's most valuable e-commerce company, while also making Nasdaq-listed JD.com a Fortune 500 company. Greenpeace said Singles' Day deliveries past year created 130,000 tonnes of packaging waste - less than 10 per cent of which is recycled.

It already has a substantial stake in Lazada, an online retailer in Southeast Asia - a hot e-commerce battleground - and recently launched an electronic trading hub in Malaysia, its first outside China. "We will see tens of billions of dollars injected overseas (by Alibaba)", said Mr Li Chengdong, a Beijing-based independent e-commerce analyst.



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