Consumers spend record $25bn in China's Singles Day shopping spree


In total it was about $25.3 billion in sales was earned in a single day., the country's largest consumer electronics retailer and second-largest e-commerce firm behind Alibaba, booked $19 billion in total sales for Singles' Day, which will be reflected in its fourth-quarter earnings.

Alibaba Group, during its flagship event Double 11 (also called 11.11 Sale), surpassed its last year's "Single's Day" sales of 18 billion dollars, cashing in circa 25.3 billion dollars on Saturday. The figure represents an increase of around 42 percent against sales in the 24-hour event in 2016.

According to Bloomberg, mobile transactions accounted for about 90 percent of Alibaba's Singles' Day sales. At its peak, the company's processors handled 256,000 transactions per second.

Citigroup earlier predicted transactions would rise by more than 30 percent to 158 billion yuan this year.

The sales of Alibaba have been higher than that of Cyber Monday sales that was $12.8 billion.

The other main differentiator is their scale, Alibaba dwarfs Amazon in many respects: Alibaba, China's biggest e-commerce group, handles more transactions each year than do eBay and Amazon combined. The company is also converting 100,000 retail outlets into so-called smart stores. In the last few years, other Chinese companies, such as, have also taken part in the festival, which has recently reached a global level and has made the opportunity for retailers even greater.

Revenue for the quarter was 83.8 billion yuan, just above analysts' mean estimate of 83.6 billion according to Thomson Reuters I/B/E/S.

JD is expanding rapidly into offline stores and overseas markets, as rival Alibaba continues to invest heavily in logistics and retail alongside its marketplace business, edging further into JD's territory. It oversees a coterie of more than a dozen shipping partners, orchestrating deliveries carried out by millions of people across more than 600 cities.



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