Singles' Day Breaks Records for Alibaba, JD.com

Basically everyone's phone on Saturday

It has emerged as the world's biggest shopping event and exceeds the combined sales for Black Friday and Cyber Monday in the U.S. It is a festival widespread among young mainland Chinese people to celebrate the fact they are proud of being single.

Audio will be available later today.

For scale, Singles Day was more than 25 times the size of Amazon's most recent Prime Day, where the company boasted more than $1 billion in sales.

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

Singles Day started as an obscure holiday celebrated by college students in China.

Other e-commerce companies also cut prices, but the event is closely associated with Alibaba. The sale event generated $8.6 billion in sales within its first hour. And about 90% of the purchases were done through mobile as the company reveals.

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The sales of JD.com, the country's second largest e-commerce giant, accounted for 21 percent, while global leader Amazon was fifth with less than two percent of the market. On Saturday, at midnight, an estimate of 168.3 billion yuan was registered on the live sales ticker used by Alibaba which was already 39% more from the 120.7 billion yuan that was made previous year. More than three-quarters of a billion people visited Alibaba platforms and had access to more than 60,000 worldwide brands and over a million individual retailers.

More recently, JD said it had lost roughly 100 merchants to competition during the promotion period for "Singles' Day", China's biggest online sales event which ended on Saturday.

What does it mean that "Singles Day shatters old record?"

"I have often emptied my "shopping cart" on Singles Day", Zheng said.

Hootsuite data shows internet penetration in Southeast Asia is just over half now, with 80 million new users coming on in 2016, at a growth rate of 30 percent. Boston Consulting Group forecasts online spending will rise by 20 per cent a year, hitting $1.6 trillion United States by 2020, compared with 6 per cent growth for off-line retail.

Last week during a visit to China by U.S. President Donald Trump, JD said it would buy $2 billion in U.S. goods, including $1.2 billion in beef, over the next three years. In total, almost 1.5 billion transactions were registered and about 800 million packages will arrive at the customers' doorstep in the next few days and weeks.

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