Alipay logs record sales on China's Singles' Day

Wendy Jensen
November 12, 2017

Alibaba is cleaning house during China's Singles Day festival, the biggest day in online shopping all year. The day of shopping brings in more sales than Black Friday and Cyber Monday combined in the US.

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

In 2017, Alibaba took just half the time to match its 2016 sales volume, and doubling the figure this year is a definite possibility.

This was 29 percent higher than 2016, when the online shopping company made $17.8 billion.

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"At 12:07am, the number of payment transactions processed by Alipay surpassed 100 million, equivalent to the total number of payment transactions processed during 2012", it said.

With those numbers, not Black Friday, Cyber Monday or Valentine's Day, can compete with Singles' Day as of yet.

The event began soon after a star-studded performance featuring tennis star Maria Sharapova, Hollywood's Nicole Kidman and American rapper Pharrell Williams in Shanghai late on Friday. It is expected that an estimated 1.5 billion parcels related to the event will be shipped over the next six days to millions of people across more than 600 cities.

Alibaba and JD stock have both doubled this year as revenues surged. 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.

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The two largest economies of the world have already witnesses robust e-commerce growth over the past decade, and Alibaba's success on Singles Day highlights the very long growth runway that the industry still enjoys.

First introduced in 2009, the 11.11 shopping festival, featuring a 24-hour online shopping promotion on Alibaba's major platforms, has fast-grown into a landmark celebration on a global scale.

This year, the company will spread its sales to physical buildings, with 10% of China's convenience stores participating. Last year, there were 98,000.

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Other reports by Info About Network

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