Alipay logs record sales on China's Singles' Day

Why Singles' Day in China Is the Biggest Shopping Spree Ever

The e-commerce giant will show no signs of taking their foot of the pedal this year, courting more than 140,000 brands and 1 million merchants for this year's festival.

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.

39% Growth really is staggering, global ecommerce grew 24.6% in 2016 so Alibaba's Singles' Day sales are far outpacing any metric you care to name. "On Singles' Day, shopping is a sport, it's entertainment".

The 2016 11.11 Global Shopping Event was generating $17.79 billion in sales.

Even when putting together all the biggest US shopping holidays, Black Friday, Thanksgiving, Cyber Monday, and Amazon's Prime Day-sales from Chinese e-commerce giant Alibaba's Singles' Day still come on top, according to data compiled by Fung Global Retail & Tech.

The percentage of GMV generated by mobile users was 90% - a clear sign that Alibaba has realized the goal it set several years ago to migrate consumers to the platform they hold in their hand.

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

Singles's Day far out ranks the entire Black Friday Weekend in terms of sales, past year Single's Day sales were triple the combined total from Thanksgiving, Black Friday and Cyber Monday.

Alibaba said that five minutes after midnight Alipay was processing 2,56,000 payment transactions per second, doubling last year's high-water mark. As with the gradual extension of Black Friday shopping into Thanksgiving Day, Singles' Day has grown to be more than just a one-day event.

Alibaba and JD stock have both doubled this year as revenues surged. Credit China Network/Reuters Photo Singles Day will test Alibaba's logistics network.

"China wants to evolve from an export and investment driven economy to a consumption driven economy", said Joseph C.Tsai, Executive Vice Chairman of the Alibaba Group. The first purchase during Singles Day this year was delivered less than 13 minutes after midnight.

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