Retail in Asia

In Markets

Alibaba rakes up record US$17.6 billion on Singles Day sales

Alibaba Group, the e-commerce giant behind the 24-hour Singles’ Day shopping blitz, has raked up a record USD 17.6 billion in the Singles Day online sales, creating a new record in global retail sales for any single day.

Consumers spent more than 120 billion yuan (USD 17.6 billion) shopping online on leading e-commerce platform Alibaba in their annual buying spree yesterday, sources with Alibaba Group said today.

Online transactions totaled 120.748 billion yuan in the 24 hours that ended as the clocks struck 12 p.m. yesterday, a record amount in global retail for any single day, data provided by Alibaba said.

SEE ALSO: Alibaba racks up US$7.2 bn in two hours on Singles Day 

The shopping spree hit a climactic high just nine minutes after midnight on Friday morning, with an average 120,000 transactions handled per second on Alipay, Alibaba’s mobile payment platform, 1.4 times as many as last year.

In addition, 54,000 payments were made every second through the wireless service for debit cards, according to Ant Financial, which runs Alipay.

Alipay handled a total of 1.05 billion payments yesterday, a surge of 48 per cent year-on-year.

Altogether, 657 million delivery orders were handled by Alibaba’s delivery service platform, in the 24-hour shopping event, up 40.7 per cent from last year.

More than 200 countries and regions were involved in the shopping spree, and 47 million consumers ordered products by international brands, Zhang Yong, Alibaba’s CEO said.

The shopping spree on Singles’ Day, which is named for the repeated digit 1 in the date November 11, was created by Alibaba in 2009.

SEE ALSO: Kobe Bryant recruited for Alibaba’s Singles Day

The annual event has been a test and rehearsal of China’s new retail technology, market operation and business patterns, said Jack Ma, founder and executive chairman of Alibaba Group.

New retail patterns are created when online and offline sales, logistics services, technology and marketing data make a perfect match, said Ma.

“This, in the meantime, upgrades the supply chain and promotes supply-side reform.”

According to Alibaba Group, consumers in Shanghai, Beijing, Shenzhen, Hangzhou and Guangzhou spent more on Singles’ Day than those in other Chinese cities, state-run Xinhua news agency reported.

(Source: Economic Times)