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Chinese Shoppers Spent $25.3 Billion In 24 Hours, This Singles Day
14 November 2017, 12:39 | Kenneth Drake
Basically everyone's phone
The company partnered with 1,000 brands, including L'Oréal, Mondelēz, Nestlé and Procter & Gamble to set up 100,000 smart stores in 31 cities in China. In the beginning, the gross product sale was just short of a billion dollars from past year, but soon broke the record in terms of local currency.
The shopping day also succeeds in bringing businesses of all sizes to the forefront through technology integration. Analysts have come forward to outline that it exceeds the combined sales for Cyber Monday and Black Friday in the United States.
The firm estimates that retail ecommerce sales in the country will total $1.13trn by the end of this year, and grow to $2.7trn by 2021.
At the peak, Alibaba's own eWallet payment solution, Alipay, registered about 256,000 payments per second.
"Singles Day in China makes the USA consumer look like an irrelevance", O'Neill said. Mobile accounted for 90% of the volume. Alibaba has said Cainiao expects 3 million people to handle packages during the 24-hour-period.
Alibaba has invested in Indian digital payment platform and e-commerce company Paytm.
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.
This was the eighth edition of the online shopping spree which had about 140,000 brands including 60,000 worldwide labels. As an example of US success, Nike ranked number five on the list of top-selling brands of all categories on Tmall for GMV, while Apple was the best-selling brand in the mobile phone category.
Shares of Alibaba are down 0.31% to $185.84 on the first day of trading following the event.
Chinese online retailer JD.com on November 13 reported revenue of 83.7 billion yuan ($12.6 billion) in the three months to the end of September, an increase of 39 percent from the same period a year ago. The company outlined that it sold about 100 million yuan in televisions over a one-minute period and 500 million yuan in air conditioners over 30-minute duration.
Meanwhile, as BABA's "new retail" strategy to lessen the gap between online and offline retail spheres has already expanded TAM past the online world, and Squali finds it already "seems to be starting to get traction", adding, "At this year's Singles' Day, brands were more ready, and better able to engage customers and improve shopper experiences to drive engagement and sales".
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