February 25, 2018

Chinese Shoppers Spent $25.3 Billion In 24 Hours, This Singles Day

14 November 2017, 12:39 | Kenneth Drake

Basically everyone's phone

Basically everyone's phone on Saturday

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 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".

Other News

Trending Now

Aly Raisman accuses Nassar of sexual abuse
USA Gymnastics approved a new safe sport policy as a result of the recommendations made by the review. "I was molested by Dr. Olympic gymnast Aly Raisman has joined more than 100 athletes alleging abuse inside USA Gymnastics.

Strong quake hits Iran-Iraq border, 13 dead
The quake-hit area is also around 200km northeast of the Iraqi capital of Baghdad. It struck 32km (20mi) south-west of the Iraqi town of Halabja, the USGS said.

Woman Pleads Guilty To Incest After Marrying Her Mother
An Oklahoma woman was sentenced on Tuesday after pleading guilty to incest for marrying her biological mother past year . The DHS worker said Patricia Spann never reported that she had married her biological son in Comanche County in 2008.

Walmart Black Friday 2017 Ad: 5 Things to Expect & 3 Not To
"The $279.99 55" Toshiba 55L711U18 4K UHD Smart TV is an equally interesting Black Friday TV deal. Best Buy will announce more Black Friday 2017 deals for the actual Black Friday sale.

New complaints over Google's Pixel 2 XL smartphone
To get this deal, you'll need to buy one of the new Pixels with monthly payments and trade in a qualifying device. A user has reported that whenever the phone is unlocked a flashing screen appears before the display turns up.

Russian Federation says it plans to retaliate against USA owned media in Moscow
The decision came in the wake of investigations into Kremlin attempts to interfere in the 2016 US presidential election. She said the demands contradicted both democracy and freedom of speech.

Google launches Files Go Beta for offline sharing and file management
However, this opinion has proved unpopular, as file managers are some of the most downloaded apps by category on the Play Store. The app serves several key functions, including working as a storage manager to organize files and free up space.

Terry Crews Files Police Report For Alleged Groping By Powerful Hollywood Executive
Also , news outlets have noted that Adam Venit has since taken a leave of absence from the agency since the news surfaced. As the alleged incident is within the statute of limitations, the report could lead to a criminal investigation.

Twitter Suspends Verifying Accounts After White Nationalist Gets Badge
CEO Jack Dorsey recently renewed his pledge to wipe out violent groups, hate symbols and speech and tweets that glorify violence. That's so famous people, like politicians and high-profile actors, don't have to worry about others impersonating them online.

Disneyland shuts down cooling towers over Legionnaires' cases
Most cases of the infection start when people inhale microscopic water droplets containing legionella bacteria. The bacteria commonly is found in water systems and poses no threat to humans at low levels.