Chinese spend billions shopping online on 'Singles Day'

Malaysians gear up for Alibaba's Singles Day shopping frenzy

Total sales at the end of 24 hours.

Adding together the sales from the most recent Prime Day, Black Friday and Cyber Monday in the US only total 43% of the sales from last year's Single's Day. Alibaba's processors were handling nearly 260,000 transactions per second, according to Bloomberg. That's 39% above the 2016 Singles' Day sales total of $17.8 billion which was eclipsed after just 13 hours and nine minutes into the shopping extravaganza.

In honor of the event, Alibaba founder Jack Ma held a gala to celebrate its kickoff, with celebrities like Pharrell, Nicole Kidman, Jessie J, and Maria Sharapova in attendance. It is expected that an estimated 1.5 billion parcels related to the event will be shipped over the next six days to millions of people across more than 600 cities.

But JD.com, reporting 11.11 figures for the first time, generated 127.1 billion RMB in revenue, or $19.14 billion.

The holiday was once a celebration for China's lonely hearts and unattached singles, known as "bare sticks". It takes its name from the way Nov 11 is written numerically as 11/11, which resembles "bare branches", a Chinese expression for the unattached.


The yearly display of rising Chinese consumer spending power has become crucial for manufacturers and retailers across the country, accounting for a significant share of annual orders for many businesses.

Alibaba launched "Singles' Day" as the Chinese online answer to the late-November US "Black Friday" shopping rush.

Combined with Amazon's acquisition of grocery chain Whole Foods, Alibaba's plans mark a broader trend of the e-commerce giants moving into brick-and-mortar retail. Ahead of the event, the retailer also outfitted almost 100,000 of its Tmall stores across China with facial recognition technology to process payments.

Singles's Day far out ranks the entire Black Friday Weekend in terms of sales, previous year Single's Day sales were triple the combined total from Thanksgiving, Black Friday and Cyber Monday.

"This is just the start".

Related:

Comments

Latest news

AT&T ready to fight USA on Time Warner deal: CEO
The AT&T-Time Warner deal is a "vertical merger", which consolidates two companies, but does not eliminate a competitor. AT&T may be forced to dump CNN for the USA regulators to allow its proposed takeover of Time Warner to go through.

U.S. to stage drill with three carriers as Trump visits Asia
The exercises appear to be a large-scale show of force aimed at North Korea and scheduled to coincide with Trump's trip to Asia. Pacific Fleet has a determined and steady presence throughout the region, conducting operations for more than 70 years now.

NVIDIA Corporation (NVDA) Gets a Price Target Boost from Christopher Rolland
Also, Director A Brooke Seawell sold 35,000 shares of the company's stock in a transaction that occurred on Monday, November 14th. Janney Montgomery Scott Limited Liability Company owns 0.05% invested in NVIDIA Corporation (NASDAQ: NVDA ) for 29,316 shares.

'Nothing Immoral' Or 'Deeply Disturbing'? Republicans Split On Roy Moore Allegations
During a second incident, Corfman says Moore allegedly took off her clothes and touched her over her underwear. Zeigler also questioned the truthfulness of the allegation and noted Moore's strong denial.

Kulbhushan Jadhav, Facing Death Sentence In Pak, Allowed To Meet Wife
The meeting would be arranged "in Pakistan, purely on humanitarian grounds ", the statement said without giving further details. India acknowledges that Jadhav had served with the Indian Navy but denies that he has any connection with the government.

GALLERY: Sanchez Elementary School honors veterans during annual ceremony
There will be a soup, bake and craft sale with vendors at the Beech Creek-Blanchard Fire Company Social Hall from 9 a.m.to 4 p.m. The veterans day program in Sibley will be on Friday, November 10th at the Sibley-Ocheyedan High School.

Hulu Comes To Nintendo Switch Today
Many saw that the Nintendo Switch was a flawless game console for video streaming services since it's pretty much like a tablet. With Hulu now officially available on the Switch, Nintendo appears to be ready to start offering video streaming services.

'Bandhan' between Khulna, Kolkata
She said Bangladesh-India relations are in fact setting new high standards of bilateral cooperation in the region and beyond. Chief Minister Mamata Banerjee also described it as a historic day for both the countries.

Income Tax Officials Raid In Jaya TV Office In Chennai
The Income Tax department also raided AIADMK Karnataka in-charge, Pugazhendi's house in Bengaluru's Domlur area. The raids began around 6 am, and according to officials, taking place at more than 180 different locations.

Packers cut ties with former Texas A&M TE Martellus Bennett
Information from ESPN's Rob Demovsky and Field Yates and The Associated Press was used in this report. The Packers have two other tight ends on the roster in Lance Kendricks and Richard Rodgers.

United Kingdom growth will lag behind eurozone, says European Commission forecast
Investment on the other hand is set to be sustained by the residential construction sector, which will grow further in 2018. But the report was especially sour for non-euro Britain which saw its growth forecast for 2017 slashed to 1.5 percent.

GW Varsity Programs Earn Perfect Graduation Success Rate
The latest GSR cohort includes student-athletes that enrolled at Georgia Tech from 2007-10. Nine programs at Tech either improved or maintained their GSR score from the year before.

Election day 2017: What's on the ballot in each CT town?
And if you are going to make a choice, it should be the one you want to make, not the one others wish you would make. ZANESVILLE, Ohio- Election Day is finally upon us and many voters made their way to their polling locations.

How Lack of Sleep Can Make Your Brain Cells Sluggish?
Since lack of sleep can provoke seizures, the patients stay awake all night to speed up their onset and shorten the hospital stay. Sleep deprivation interfered with the neurons' ability to encode information and translate images into conscious thought.

Kevin Spacey's Appearance Cut From 'Carol Burnett 50th Anniversary Special'
The streaming giant also announced it would cancel the Gore Vidal biopic, Gore , which Spacey was set to star in. A publicist said last week that Spacey is "taking the time necessary to seek evaluation and treatment ".

Other news