Alipay logs record sales on China's Singles' Day

Alipay logs record sales on China's Singles' Day

Alibaba managed to expand Singles Day from a local Chinese sales event to a global sales day.

Joe Tsai, co-founder and vice-chairman of Alibaba Group, told 700 reporters from all over the world in Shanghai that a total of 140,000 brands are taking part this year, up 40 per cent from last year.

Credit Aly Song/Reuters Photo Alibaba's Singles Day gala, held before the e-commerce giant's annual shopping extravaganza, drew performers like the singers Pharrell Williams and Karen Mok. "On Singles' Day, shopping is a sport, it's entertainment".

JD.com reports earnings before Monday's open.

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

In any case, Alibaba.com has risen to become the largest e-commerce platforms in the world.

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

Alibaba launched "Singles Day" as the Chinese online answer to the late-November US "Black Friday" shopping rush, capitalising on the Chinese love of a good bargain and the growing national addiction to one-click smartphone payments.

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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.

But environmentalists complain of ecological harm, accusing Alibaba and other e-commerce companies of fuelling a culture of excessive over-consumption and mountains of waste. Quirkier items meant to nail in on the joke about the nature of Singles' Day were heavily promoted, such as a one time payment of 11,111 yuans (roughly $1,672 USD) for a lifetime supply of baiju liquor. It already has a substantial stake in Lazada, an online retailer in South-east Asia and recently launched an electronic trading hub in Malaysia.

Alibaba said hundreds of millions of Southeast Asian consumers will be able to access Taobao this "Singles Day". "We will see tens of billions of dollars injected overseas (by Alibaba)", said Mr Li Chengdong, a Beijing-based independent e-commerce analyst.

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