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12 November 2017, 12:54 | Kenneth Drake
It’s almost time for the world’s largest online shopping day
The company expects half a billion Chinese consumers to visit its platforms during the shopping festival; they will have access to more than 60,000 brands. This year it made $18 billion in sales before 12pm, making $1 billion in the first two minutes.
As tills shut at midnight yesterday, Alibaba's live sales ticker registered 168.3 billion yuan or US$25.4 billion, up 39 per cent from 120.7 billion yuan a year ago - more than double the 2016 gross domestic product of Brunei (US$11.4 billion).
China is already the world's largest e-commerce market and the share of online shopping that makes up all consumer spending grows every year.
Alibaba, the Chinese e-commerce giant, said its Singles' Day sales extravaganza hit 168.3 billion yuan (S$34.6 billion), smashing its own record from previous year and cementing it as the world's biggest shopping event.
Alibaba's Singles' Day records have been smashed yet again with a massive $25.3 billion of merchandise being sold today.
More than 90 percent of Alipay orders were placed via mobile, the majority on Alibaba's main e-commerce platform Taobao.com.
The event has been adopted by Alibaba rivals such as JD.com, with merchants engaging in a cut-throat battle to slash prices and move goods. The day of shopping brings in more sales than Black Friday and Cyber Monday combined in the US. There were 256,000 payment transactions processed per second by Alipay, Alibaba's Alizila news website reported. The Sixth Tone reports that Chinese retailers traditionally put a limit on how many items you can put in your online shopping cart to help "ease operations", encouraging buyers to put in one purchase order rather than multiple transactions that require more processing.
The Alibaba 11.11 (Singles Day) online shopping event is underway in China. Last year, there were 98,000.
Analysts say Alibaba will take "Singles Day" global as Chinese e-commerce growth rates are expected to slow in years ahead.
The 2017 shopping day had a 39 percent increase in sales with at least 82 brands earning about $15 million in sales in 24 hours.
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