Malaysians gear up for Alibaba's Singles Day shopping frenzy

Hit Singles

Adding in Amazon Prime Day sales in 2016, estimated to be around $525 million in 2016 (and between $1 billion to $2.2 billion this year), the total spent during these US shopping days total over $9.2 billion.

Alibaba's Singles' Day records have been smashed yet again with a massive $25.3 billion of merchandise being sold today. Over the years it has transformed into a huge sales event with sites like AliBaba generating roughly $18 billion dollars in revenue in 2016.

This was 29 percent higher than 2016, when the online shopping company made $17.8 billion.

Also known as "Single's Day" for the repeated "1" in 11 November, the event launched in 2009 by sector leader Alibaba has become a key date for Chinese manufacturers and retailers, accounting for a significant share of annual orders for many businesses.

Alibaba offers an e-commerce marketplace, while JD.com has a more vertical operation like Amazon ( AMZN ). There were 256,000 payment transactions processed per second by Alipay, Alibaba's Alizila news website reported.

"Using past growth figures, Hylink have predicted that Singles' Day is expected to generate over US$21 billion in sales this year". The Sixth Tone reports that Chinese retailers traditionally put a limit on how many items you can put in your online shopping cart to help "ease operations", encouraging buyers to put in one purchase order rather than multiple transactions that require more processing.

Once a celebration for China's lonely hearts, Singles' Day has become an annual 24-hour buying frenzy that exceeds the combined sales for Black Friday and Cyber Monday in the United States, and acts as a barometer for China's consumers.

Alibaba and JD stock have both doubled this year as revenues surged.

"In terms of scale, it just dwarfs any other event out there", said Mr Ben Cavender, Shanghai-based principal at China Market Research Group.

Alibaba said hundreds of millions of Southeast Asian consumers will be able to access Taobao this "Singles Day".

Alibaba hosts a live blog with the latest updates of the 11.11 Shopping events here.

Related:

Comments

Latest news

Ex-Trump adviser investigated over alleged plot to kidnap Turkish cleric
According to "people familiar with the investigation", it was at this encounter that the $15m payment was discussed. The discussions between Flynn and Turkish government reps "involved the possibility of transporting Mr.

GIRAFFE ALERT: Could April the giraffe be expecting another baby?
He says that if April does conceive, the camera will likely move to another exhibit until she gets further along in her pregnancy. April's pregnancy and baby Tajiri's birth made the Animal Adventure Animal Park, just outside of Binghamton, an global sensation.

Total integration of fitness apps may be the next step.
An example of a simple, natural replacement item in this instance is the Under Armour Gemini 3 RE smart shoes. Not their departure, by any means, but the total integration of their smart features into our everyday items.

Get your food printed instead of cooking or ordering in!
Two Key Benefits for the Public Professor Shoseyov stated that this 3D printing tech would have two main benefits for the public.

Other news