Alibaba 11.11 Singles Shopping Event Passes 20 Billion In Sales

Javier Howell
November 12, 2017

This year's display of raw consumer power kicked off at midnight and by 10 am (7.30 am IST) more than $16 billion in transactions had been processed by Alipay, Alibaba's online payment system.

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 USA shopping days total over $9.2 billion.

Previous year the shopping holiday drove $18 billion worth of retail sales for participating sellers, a pop-up luxury hub, Double 11 Musée, will appear online and in the Tmall app for high-end brands.

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

China's smartphone-wielding masses unleashed billions of dollars in e-commerce spending Saturday as they rushed to snap up bargains on "Singles Day".

Alibaba rivals such as JD.com also reported brisk business.

More than 90 percent of Alipay orders were placed via mobile, the majority on Alibaba's main e-commerce platform Taobao.com.

Alibaba is also willing to export the Singles' Day 24-hour shopping concept to the rest of the world as the company has committed to serve 2 billion consumers worldwide by 2036, Tsai said. Alipay processed 1.5 billion payment transactions in total, up 41% from 2016, and processed 256,000 transactions per second at peak.

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

Alibaba hosts a large gala on the Friday before Singles Day.

But environmentalists complain of ecological harm, accusing Alibaba and other e-commerce companies of fuelling a culture of excessive over-consumption and mountains of waste.

Currently, global purchasers are able to join the festival in China through its delivery arm Aliexpress that enables shoppers around the world to purchase goods from Chinese online merchants.

Greenpeace said "Singles Day" deliveries a year ago created 130,000 tonnes of packaging waste - less than 10 percent of which is recycled. 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.

Other reports by Insurance News

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