Alibaba 11.11 Singles Shopping Event Passes 20 Billion In Sales

Hit Singles

As per the company, over 140,000 brands are participating in this year's 11.11, offering promotions for more than 15 million product listings.

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.

This year, the company saw consumers spending 10 billion yuan (US$1.5 billion) in 3 minutes after the 24-hour shopping spree kicked off on November 11, 2017, compared with 10 billion yuan in 6 minutes of Singles' Day last year.

China is already the world's largest e-commerce market and the share of online shopping that makes up all consumer spending grows every year.

With those numbers, not Black Friday, Cyber Monday or Valentine's Day, can compete with Singles' Day as of yet.

Alibaba, the Chinese e-commerce giant, said its Singles' Day sales extravaganza hit 168.3 billion yuan (S$34.6 billion), smashing its own record from previous year and cementing it as the world's biggest shopping event. Alibaba created the 11.11 event as "Singles Day" back in 2009.

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

Alibaba's payments affiliate, Alipay, processed $17.8 billion of transactions on November 11 a year ago.

E-commerce's huge growth in China has put New York-listed Alibaba neck-and-neck with Amazon as the world's most valuable e-commerce company, while also making Nasdaq-listed JD.com a Fortune 500 company.

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

This loneliest of dates (one-one-one-one), which meant to resemble four solitary sticks, is when China celebrates its Singles' 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.

"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.

It said e-commerce is actually more carbon-intensive than brick-and-mortar shopping, calling "Singles Day" a "disaster for the environment".

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