China's Alibaba Group processed almost 1.5 billion transactions yesterday during its Singles Day shopping event, with most of these transactions taking place over the group's mobile payment platform, Alipay. This company has today made the announcement regarding the $19.1 billion generated from the shopping event sales.
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. Brands including Levis and L'Oreal are taking part.
The huge rise in sales this year - up 39 per cent from last year - is welcome news for the Chinese government as Beijing increasingly looks towards its consumers at home, rather than exports, for economic... The Wall Street Journal reported that last year's total had already been beaten by 1pm on Sunday, just 13 hours after it had begun.
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The retail event is now almost four times larger than Black Friday and Cyber Monday, the two biggest shopping days in the US.
In 2016, Black Friday's sales were above the $3bn mark for the first time, with a total of $3.34bn sales.
For example, Amazon has a market cap of $427 billion, whereas Alibaba is at a "mere" $265 billion, but they account for almost the same amount of total retail in the U.S. and China, respectively (over $4,800 billion each). Nonetheless, these two commercial days combined only account for just over a quarter of the most popular day for retailers in China.
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In all, the Nov 11 sale saw a total of 1.48 billion transactions processed by Alipay. At its peak, the company's processors handled 256,000 transactions per second.
JD.com, China's second-largest e-commerce firm, saw its stock jump over 7 percent in pre-market trading on Monday after it reported better-than-expected income for the quarter ended September 30, due to strong sales. The now largest e-commerce sale day by volume closed with a new record 45 billion dollars in online shopping.
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