Singles' Day Breaks Records for Alibaba,

Gladys Abbott
November 14, 2017

Chinese consumers have spent billions of dollars shopping online for anything from diapers to diamonds on "Singles Day", a day of promotions that has grown into the world's biggest e-commerce event. "Sales of 157 merchants exceed 100 million yuan; 17 merchants exceed 500 million; five merchants exceed 1 billion yuan", he further added. The event helped at least 82 brands top 100 million yuan in sales- Nike Inc., Xiaomi Corp. and Uniqlo Co. coming out as some of the biggest winners.

In the beauty products segment, the company sold 55 million facial masks, while sales of L'Oreal products were three times as much as previous year.

EHS attributed the strong growth to the increasing popularity of the Singles' Day shopping event in Taiwan. The company declined to reveal exact figures. "We could take the gala overseas very soon", Zhang said.

Continuing to dwarf USA sales holidays, as well as Amazon's Prime Day, Alibaba's Singles Day on Saturday pulled in a record 168.2 billion yuan ($25.3 billion) in gross merchandise value (GMV) settled through the Alipay platform, up 39% from 120.7 billion yuan ($17.8 billion) in 2016.

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On this day 11th November named as Singles' Day, Alibaba offers discounts on various set of products.

In China, it's "Singles Day"-which started off as the brainchild of some students at Nanjing University back in the early 1990's". Jack Ma, the founder of Alibaba wanted to use the "Bachelors" Day' to sell more stuff and "promoted it with his legendary brilliance", writes the prominent business journalist Hamish McRae in The Independent. "Shopping is entertainment nowadays", Palmer said.

China has 750 million internet users, and 95% of them used a mobile device to access the internet in 2016, according to China's state-owned news agency Xinhua.

At just past the halfway mark, the headline gross merchandise volume swept past last year's dollar total just shy of $18 billion. This year, more than 140,000 brands and merchants were on board. They can also get goods delivered to their home. It oversees a coterie of more than a dozen shipping partners, orchestrating deliveries carried out by millions of people across more than 600 cities. For example, Alipay dealt with over a billion transactions and Cainao delivered 657 million packages in 24-hours on Singles Day.

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