China's JD.com swings to third-quarter profit, lifting shares

Alibaba's Singles' Day Goes Global With Record $25 Billion in Sales

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.

With this being Alibaba's first year owning the majority of Cainiao, the analyst pinpoints delivery orders flew up from 657 million to 812 million, and he deems this delivery network gives BABA an upper hand against its rivals; especially taking under account the e-commerce platform's latest $15 billion reveal of plans to create more capacity. Furthermore, the company's trade covered 225 nations and regions worldwide. At one point, the company was processing 325,000 orders a second.

Saturday's sale netted Lazada a pretty respectable $123 million in sales, or 6.5 million items, almost three times last year's performance. The sale event generated $8.6 billion in sales within its first hour.

Despite strong bottom-line results, gross merchandise volume (GMV) growth still dropped to its lowest rate in a year, reflecting a seasonal lull in sales before Singles' Day. Compare that to the $3.34 billion in sales US retailers generated on Black Friday previous year. 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.

The annual frenzy posted a 39 percent increase in sales, exceeding Citigroup Inc. estimates and defying concerns of an economic slowdown.

The sheer scale of Singles Day is mind boggling. The online shopper bought 168 billion yuan (22 billion euro) worth of products, thanks to Alibaba's discounts.

At Alibaba's Friday night gala, the company's co-founder and chairman, Jack Ma, hosted guests including the actress Nicole Kidman, singer Pharrell Williams and Chinese musicians and film stars such as Zhang Ziyi and Fan Bingbing.

To connect a 10th of China's six million convenience stores to the internet, Alibaba uses an app called Ling Shou Tong, meaning "connect 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. This year, more than 140,000 brands and merchants were on board.

And on this day i.e. 24 hours Alibaba handled a transaction of 1.48 billion.

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