Friday, 17 November, 2017

The Singles Day Sales start tomorrow

Hit Singles The Singles Day Sales start tomorrow
Marta Holmes | 12 November, 2017, 00:54

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 US shopping days total over $9.2 billion.

China's smartphone-wielding masses yesterday unleashed billions of dollars in e-commerce spending as they rushed to snap up bargains on "Singles' Day", billed as the world's biggest one-day online shopping festival.

By comparison, American shoppers past year spent more than $5 billion shopping online on Thanksgiving Day and Black Friday, according to Adobe, which tracks such data.

This year, 140,000 different merchants took part in the event, including many worldwide brands like Tampax and Asos.

Additionally, the retailer hit a record $18 billion in just 13 hours, eclipsing last year's record of $17.8 billion in 24 hours.

The event has been adopted by Alibaba rivals such as JD.com, with merchants engaging in a cut-throat battle to slash prices and move goods.

More than 90 percent of orders were placed via mobile, the majority of which on Alibaba's main e-commerce platform Taobao.com (淘寶).

More than half of China's 1.3 billion people use smartphones, which have become central to daily life, used for messaging, shopping, news and entertainment, ordering taxis and meals, and serving as digital wallets for a range of point-of-sale purchases.

Five minutes after midnight, Alipay was processing 256,000 payment transactions per second, doubling last year's high-water mark, Alibaba said. Alibaba created the 11.11 event as "Singles Day" back in 2009.

"In terms of scale, it just dwarfs any other event out there", said Mr Ben Cavender, Shanghai-based principal at China Market Research Group.

Greenpeace said "Singles Day" deliveries past year created 130,000 tonnes of packaging waste - less than 10 percent 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.

The 2017 shopping day had a 39 percent increase in sales with at least 82 brands earning about $15 million in sales in 24 hours.

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