Alibaba reports US$25.3 bln in global Singles Day sales

Mae Love
November 13, 2017

The now largest e-commerce sale day by volume closed with a new record 45 billion dollars in online shopping. "We want to make Singles' Day a more global event", said Zhang during an interview in Shanghai.

Saturday's sale netted Lazada a pretty respectable $123 million in sales, or 6.5 million items, almost three times last year's performance. According to a report, the Singles' Day sale has doubled from last year's Black Friday and Cyber Monday sales in USA.

The total gross merchandise volume or the amount of sales transacted on Alibaba's platforms was almost four times the combined online sales of "Black Friday" and "Cyber Monday" in the US, Alibaba officials said.

On this day 11th November named as Singles' Day, Alibaba offers discounts on various set of products.

Popular items ranged from a wide range of categories such as mobile phones, diapers and women's fashion.

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The event helped at least 82 brands top 100 million yuan in sales with Nike Inc., Xiaomi Corp. and Uniqlo Co. among the biggest winners.

Incidentally, Lazada is 83%-owned by Alibaba, following a $1 billion deal announced in June to up its stake from 51%.

Consumer spending in China accounted for 40 percent of the GDP, compared with nearly 70 percent for the U.S. Reaching that level would translate to annual spending of 700 billion to 800 billion dollars, according to Tsai's projections. And about 90% of the purchases were done through mobile as the company reveals.

For example, Amazon has a market cap of $427 billion, whereas Alibaba is at a "mere" $265 billion, but they account for almost the same amount of total retail in the U.S. and China, respectively (over $4,800 billion each).

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