Thursday, 23 November, 2017

China's Singles' Day sales hit 1.5 bln Dollars in first 3 minutes

It’s almost time for the world’s largest online shopping day It’s almost time for the world’s largest online shopping day
Jo Caldwell | 12 November, 2017, 00:54

Alibaba said that by midday yesterday, the gross value of sales processed by Alipay (支付寶), its online payment system, had surpassed the US$17.8 billion logged over the full 24 hours previous year. "This is a huge increase from last year's figures which saw a collective spend of US$17.8 billion in 24 hours - more than the annual e-commerce sales of Brazil", James Hebbert, UK Managing Director from Hylink, a digital advertising agency, told the South China Morning Post.

As tills shut at midnight yesterday, Alibaba's live sales ticker registered 168.3 billion yuan or US$25.4 billion, up 39 per cent from 120.7 billion yuan past year - more than double the 2016 gross domestic product of Brunei (US$11.4 billion).

E-commerce giant Alibaba on Saturday kicked off its ninth edition of the 11.11 Global Shopping Festival, its annual sales event. There were 256,000 payment transactions processed per second by Alipay, Alibaba's Alizila news website reported.

As the clock ticks to midnight, the regular Ali, Ah Chong and Muthu will be scrambling to click on the button of that famous online shopping boutique for the planet's biggest online shopping fest, Alibaba's "11.11 Singles" Day'. 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.

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But environmentalists accuse Alibaba and other e-tailers of fuelling a culture of excessive consumption and mountains of waste.

In China, Alibaba's main rival, online retailer JD.com, said sales had topped $16.7 billion - though the tallies are not comparable because JD tracks transactions starting from November 1 through to the actual day. Greenpeace said Singles' Day deliveries a year ago created 130,000 tonnes of packaging waste - less than 10 per cent of which is recycled.

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

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

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