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12 November 2017, 01:59 | Sheila Mcguire
Singles' Day: Alibaba World's Largest Online Shopping Event
The event, originally a celebration of China's lonely hearts, has become the world's biggest online shopping spree, with takings beat those of its U.S. equivalents, Black Friday and Cyber Monday, combined.
Adding together the sales from the most recent Prime Day, Black Friday and Cyber Monday in the US only total 43% of the sales from last year's Single's Day.
Alibaba offers an e-commerce marketplace, while JD.com has a more vertical operation like Amazon ( AMZN ).
Total GMV of $25.3 billion was generated by 812 million 11.11 delivery orders versus 657 million a year ago, up 23%. Cyber Monday in the United States saw $3.45 billion in online sales a year ago. Quirkier items meant to nail in on the joke about the nature of Singles' Day were heavily promoted, such as a one time payment of 11,111 yuans (roughly $1,672 USD) for a lifetime supply of baiju liquor.
The yearly display of rising Chinese consumer spending power has become crucial for manufacturers and retailers across the country, accounting for a significant share of annual orders for many businesses.
More than 90 percent of Alipay orders were placed via mobile, the majority on Alibaba's main e-commerce platform Taobao.com.
An estimated 1.5 billion parcels will need to be delivered over the next week.
Just like USA versions of the shopping holidays, Alibaba offered discounts on a variety of goods, from household items to electronic gadgets to clothing to beauty supplies.
Alibaba ( BABA ) racked up another huge take from its "11.11 Global Shopping Festival", but JD.com ( JD ) also enjoyed a sales windfall.
The GMV figure itself is not direct revenue for Alibaba.
The company has converted about 100,000 retail stores to "smart stores", which will allow consumers to receive tailored shopping experience with the use of facial recognition, "cloud shelf" and location-based store and discount recommendations among others.
Besides, the Chinese e-commerce giant has now revealed that about $12 billion worth goods have been sold within two hours of the launch of its 11.11 Global Shopping Festival.
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