Alibaba racks up $35b in Singles' Day sales

In 2009, retailer Alibaba turned the day into the country's version of Black Friday - and eight years later, sales from the Chinese e-commerce event has more than doubled those from Black Friday and Cyber Monday in the USA combined.

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

Alibaba is also willing to export the Singles' Day 24-hour shopping concept to the rest of the world as the company has committed to serve 2 billion consumers worldwide by 2036, Tsai said.

Alibaba's Singles' Day records have been smashed yet again with a massive $25.3 billion of merchandise being sold today.

This jump in sales is great news for Alibaba, whose year-to-year growth has somewhat slowed down from the 60 percent increase from 2013 to 2015.

This loneliest of dates (one-one-one-one), which meant to resemble four solitary sticks, is when China celebrates its Singles' Day. That's 39% above the 2016 Singles' Day sales total of $17.8 billion which was eclipsed after just 13 hours and nine minutes into the shopping extravaganza. Alipay processed 1.5 billion payment transactions in total, up 41% from 2016, and processed 256,000 transactions per second at peak.

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And we know that some of the world's best retailers will be offering deals up to 30% off.

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More than 90 percent of orders were placed via mobile, the majority of which on Alibaba's main e-commerce platform Taobao.com (淘寶).

This year, the company will spread its sales to physical buildings, with 10% of China's convenience stores participating.

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

Alibaba managed to expand Singles Day from a local Chinese sales event to a global sales day.

It is a reminder for Malaysians of the recently-launched Digital Free Trade Zone (DFTZ) in Sepang, Selangor, one that is touted to achieve similar success to Alibaba and 11.11, but with Malaysian small-medium enterprises (SMEs).


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