Published: Mon, November 13, 2017
Finance | By Loren Pratt Claims $19 Bln In Sales On Singles' Day Claims $19 Bln In Sales On Singles' Day

Shoppers in China spent $25.3bn in one day on Saturday, smashing previous records for the world's largest retail event which is now four times bigger then Black Friday.

Shares of Alibaba are down 0.31% to $185.84 on the first day of trading following the event.

China's e-commerce giant Alibaba saw record sales of $25.4bn on Friday in its annual Singles Day retail spree - 40% up on 2016. This company has today made the announcement regarding the $19.1 billion generated from the shopping event sales. Of that total, 90% of the GMV was on mobile, settled via Alipay. Indeed, during the busiest periods, the company registered 256,000 transactions per second. While that's only half the growth rate a year ago, the event still dwarfs others such as Black Friday and Cyber Monday. This figure represented a 39 percent rise from the figure recorded past year.

While veterans were recognized in the USA and those fallen in the Second World War were to be remembered in Europe, in China, this November 11 was to celebrate singles.

Saturday's sale netted Lazada a pretty respectable $123 million in sales, or 6.5 million items, almost three times last year's performance. The company also sold 100,000 microwave ovens in sixty minutes.

China is a major target for most global marketers, not least because it represents still a significant growth opportunity, averaging seven per cent GDP growth per year and with the total spending power of middle class growing even faster.

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.

Revenue for the quarter was 83.8 billion yuan, just above analysts' mean estimate of 83.6 billion according to Thomson Reuters I/B/E/S.

Lazada became majority owned by Alibaba, after the latter doubled its investment in the company to close to US$2 billion earlier this year.

Like this: