Alibaba posts record breaking $25.3bn sales for 2017 Singles Day extravaganza
Alibaba has once again broken its records for its annual 11.11 Singles Day e-commerce extravaganza posting sales of $25.3bn (RMB168.2bn).
The record figures for sales across Alibaba’s Tmall and Taobao channels were up 39% compared to 2016’s event, which posted US$17.8 bn (RMB120.7bn).
Alibaba's 2017 Singles Day extravaganza has again reported record sales
This year’s event, which centered around a major gala entertainment event which was attended by The Drum, saw $1bn (RMB6.6bn) of gross merchandise volume (GMV) settled through Alipay in the first two minutes and one second.
Daniel Zhang, Alibaba Group chief executive officer, said: “More than US$25bn of GMV in one day is not just a sales figure. It represents the aspiration for quality consumption of the Chinese consumer, and it reflects how merchants and consumers alike have now fully embraced the integration of online and offline retail.”
Alipay processed 1.48bn total payment transactions, up 41% from 2016, and, at its peak, it processed 256,000 transactions per second. Mobile sales accounted for 90% of total sales, up from 82% last year.
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The Singles Day sales events are not limited to Alibaba, e-commerce rival JD.com reported $19.1bn (RMB127.1bn) in sales, up more than 50% on the previous year.
JD.com began its sales on 1 November in a bid to “reduce delivery bottlenecks and give users a chance to spend more time online to make purchasing decisions”.
The figure is higher than JD.com’s own 6.18 shopping festival this year, which reported a record-breaking $17.6bn in sales.
Southeast Asia's ecommerce giant Lazada also posted record sales figures on 11.11, generating $123m GMV, an increase of 171% over the previous year.