Alibaba takes record $25b on ‘Singles Day’

AFP, BEIJING:  Chinese online shoppers spent a record $25 billion on this year’s “Singles Day” promotion run by e-commerce giant Alibaba, up nearly 40 per cent from last year, figures yesterday. At the peak, 256,000 payments were being processed per second on Saturday, the firm said, more than 90 per cent of them placed via mobile.

The company’s gross merchandise volume for its annual sales extravaganza known as “Double 11” representing November 11, came in at 168.3 billion ($25.3 billion), Alibaba said in a statement on its website. The figure represents sales processed through Alibaba’s online payment system Alipay.

The total sales were up 39 per cent from last year’s 120.7 billion yuan ($17.8 billion) -- a milestone this year eclipsed in under 14 hours, according to Alibaba. Rivals such as JD.com also reported brisk business.

Analysts expect Chinese e-commerce retailers to take “Singles Day”—which originally celebrated the idea of being unattached—abroad as growth rates slow in the years ahead.

Alibaba takes record $25b on Singles Day

AFP, BEIJING: Chinese online shoppers spent a record $25 billion on this years Singles Day promotion run by e-commerce giant Alibaba, up nearly 40 per cent from last year, figures yesterday. At the peak, 256,000 payments were being processed per second on Saturday, the firm said, more than 90 per cent of them placed via mobile. The companys gross merchandise volume for its annual sales extravaganza known as Double 11 representing November 11, came in at 168.3 billion ($25.3 billion), Alibaba said in a statement on its website. The figure represents sales processed through Alibabas online payment system Alipay. The total sales were up 39 per cent from last years 120.7 billion yuan ($17.8 billion) -- a milestone this year eclipsed in under 14 hours, according to Alibaba. Rivals such as JD.com also reported brisk business. Analysts expect Chinese e-commerce retailers to take Singles Daywhich originally celebrated the idea of being unattachedabroad as growth rates slow in the years ahead.