Alipay Dominates Alibaba Singles Day With 90% of Transactions

Alipay Dominates Alibaba Singles Day With 90% of Transactions

China's Alibaba may have scored a home-run with its Singles Day sales on Nov 11 raking in $25.3 billion in merchandise sold over its Taobao and Tmall portals, up from $17.8 billion in 2016 and $14.3 billion in 2015.

"We want to make Singles' Day a more global event", said Zhang during an interview in Shanghai.

On November 12, Chinese e-commerce giant Alibaba reported a record $25.3bn in sales on Singles' Day. The date of November 11 emerged as a counter-cultural antidote to the sentimentality of Valentine's Day. More than 140,000 brands participated in this year's shopping event.

The event helped at least 82 brands top 100 million yuan in sales with Nike Inc., Xiaomi Corp. and Uniqlo Co. among the biggest winners.

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An analyst following the market trends said, "As tills shut midnight on Saturday, Alibaba's live sales ticker registered 168.3 billion yuan, up 39 percent from 120.7 billion yuan previous year". The Wall Street Journal reported that last year's total had already been beaten by 1pm on Sunday, just 13 hours after it had begun.

Research firm eMarketer Retail says by comparison, Black Friday online sales in the U.S. totalled $2.74bn in 2016. Analysts have come forward to outline that it exceeds the combined sales for Cyber Monday and Black Friday in the United States. Of that total, 90% of the GMV was on mobile, settled via Alipay.

Consumer spending in China accounted for 40 percent of the GDP, compared with nearly 70 percent for the U.S. Reaching that level would translate to annual spending of 700 billion to 800 billion dollars, according to Tsai's projections.

Tom and David look at what's commonly referred to as BAT: Baidu, which offers services around search engine, video, translations/ mapping, Alibaba, which is big in e-commerce across c2c, b2b and b2c, and Tencent, which operates social networks, gaming, e-commerce and web portals. But considering the shopping holiday is nowhere near the cultural phenomenon it is in China, and that almost no retailers offline contributed to the buzz, the new record reached shows more people are used to buying online.

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