Singles' Day Surpasses $25B In Sales

Not enough

Alibaba has also organised a line-up of worldwide celebrities to perform in a four-hour-long entertainment show in Shanghai on Friday evening, both on live television and through the internet, to kick off the event.

Alibaba said that by midday yesterday, the gross value of sales processed by Alipay (支付寶), its online payment system, had surpassed the US$17.8 billion logged over the full 24 hours past year.

Joe Tsai, co-founder and vice-chairman of Alibaba Group, told 700 reporters from all over the world in Shanghai that a total of 140,000 brands are taking part this year, up 40 per cent from last year.

Total GMV of $25.3 billion was generated by 812 million 11.11 delivery orders versus 657 million past year, up 23%. Additionally, the retailer hit a record $18 billion in just 13 hours, eclipsing last year's record of $17.8 billion in 24 hours.

"In terms of scale, it just dwarfs any other event out there", said Mr Ben Cavender, Shanghai-based principal at China Market Research Group. The 2017 Singles Day sale is already over $3 billion ahead.

A decade ago, November 11th was a tongue-in-cheek cultural "celebration" of single people in China.

Mobile transactions account for 93 per cent of transactions so far this year, a further lift from the whole-day average of 85 per cent in 2016.


Shoppers around China and some 200 countries and regions scooped up discounted lobster, iPhones and refrigerators at a rate of as many as 256,000 transactions per second.

In any case, Alibaba.com has risen to become the largest e-commerce platforms in the world.

E-commerce's huge growth in China has put New York-listed Alibaba neck-and-neck with Amazon.com Inc as the world's most valuable e-commerce company, while also making NASDAQ-listed JD.com a Fortune 500 company.

Alibaba turned 100,000 physical shops around China into "smart stores" for this year's event.

It is a reminder for Malaysians of the recently-launched Digital Free Trade Zone (DFTZ) in Sepang, Selangor, one that is touted to achieve similar success to Alibaba and 11.11, but with Malaysian small-medium enterprises (SMEs).

Besides, the Chinese e-commerce giant has now revealed that about $12 billion worth goods have been sold within two hours of the launch of its 11.11 Global Shopping Festival.

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