Single's Day trends: $25bn spent in one day

Michael Evans Alibaba Group president discusses the company’s new retail strategy with Bloomberg’s Selina Wang

Chinese consumers have smashed their own single-day online spending record by splurging £19 billion on clothes, shoes, linens, jewellery, electronic gadgets, toys, nappies and more.

China's Alibaba Group processed almost 1.5 billion transactions yesterday during its Singles Day shopping event, with most of these transactions taking place over the group's mobile payment platform, Alipay.

Before the event kicked off, Citigroup Inc.predicted that the Singles' Day 2017 sale transactions will rise by more than 30% to 158 billion yuan.

What follows are additional statistics regarding the 11.11 holiday. In the beginning, the gross product sale was just short of a billion dollars from a year ago, but soon broke the record in terms of local currency.

But like Amazon in the U.S., Alibaba has a strategy to integrate online shopping with brick-and-mortar stores, which still make up 85% of total retail sales, according to the company. But they're continuing to outdo themselves - 90% of Alibaba's sales were processed via mobile on Singles' Day, according to PYMNTS. Nowadays, it has become more of a shopping season, with e-commerce platforms and their merchants now collecting "11.11" orders even before November 11, and waiting until the clock strikes midnight to fire off the orders.

There is also a disparity in size.

That's a clear answer to Alibaba's proposition to provide Chinese consumers with media beyond shopping., meanwhile, is listed on the NASDAQ and valued at around $57 billion.

"Alibaba has invested substantially in developing technologies that empower Chinese small- and medium-size enterprises (SMEs) to participate in the festival", said Deborah Weinswig, the Managing Director at Fung, in a report.

Nonetheless, long-time Alibaba CEO Jack Ma noticed the potential of the rival early on.

In October, JD and Tencent expanded their partnership with the launch of the JD-Tencent Retail Marketing Solution, a move that will help the company better compete with Alibaba Group Holding Ltd, the largest e-commerce company in China.

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