Alibaba reports US$25.3 bln in global Singles Day sales

Basically everyone's phone on Saturday

Basically everyone's phone on Saturday

Although the celebration for single people has existed since the mid-90s, the annual event has become a relevant date for online retailers in China since 2009, when Alibaba began offering discounts on its e-commerce platform.

"We want to make Singles' Day a more global event", Zhang told Bloomberg in an interview in Shanghai. This company has today made the announcement regarding the $19.1 billion generated from the shopping event sales.

In the end, Singles Day - now dubbed 11/11 - was only about 10% of total GMV in the last fiscal quarter of 2016, Raymond James analysts note.

While veterans were recognized in the US and those fallen in the Second World War were to be remembered in Europe, in China, this November 11 was to celebrate singles. Indeed, during the busiest periods, the company registered 256,000 transactions per second. Citigroup Inc has predicted transactions will rise by more than 30 percent to 158 billion yuan this year. Cyber Monday was also successful: billed as the biggest day in the history of U.S. e-commerce, it reached $3.45bn in sales, according to estimations by Adobe Digital Insights. The interactive show, aired on Thailand's most watched channel and live-streamed on Lazada TV, featured celebrities singing and taking part in interactive games.

Not surprisingly, Lazada's tally is still a small fraction of Chinese giant Alibaba's haul of US$25 billion for the one-day shopping festival, given the nascent but growing online shopping market in South-east Asia. "The dollar figure was up more steeply due to the strength of the yuan against the greenback this year".

JD is expanding rapidly into offline stores and overseas markets, as rival Alibaba continues to invest heavily in logistics and retail alongside its marketplace business, edging further into JD's territory.

Alibaba spotted the region's potential, and injected another $1 billion into Lazada in June this year, to now own 83 percent of the company.

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