Internet giant Alibaba kicks off Singles' Day shopping bonanza with a bang

Internet giant Alibaba kicks off Singles' Day shopping bonanza with a bang

The Singles Day sales figure significantly dwarfs that of the US' Black Friday and Cyber Monday sales.

Adding together the sales from the most recent Prime Day, Black Friday and Cyber Monday in the United States of America only total 43% of the sales from last year's Single's Day.

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

"Nearly $11.9 billion worth of total Gross Merchandise Volume (GMV) (sales in dollar value of goods sold over a certain period) was generated within the first two hours of the shopping festival", Alibaba Group Holdings Limited said in a statement. Cyber Monday in the United States saw $3.45 billion in online sales past year.

"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.

More news: Queen Elizabeth Stashed Millions in Offshore Tax Havens: Paradise Papers

This loneliest of dates (one-one-one-one), which meant to resemble four solitary sticks, is when China celebrates its Singles' Day.

An estimated 1.5 billion parcels will need to be delivered over the next week. The yearly buying binge has become crucial for manufacturers and retailers across the country, accounting for a significant share of annual orders for many businesses. Zhang Jingjing, a 30-year-old clerk for an engineering company, prepared for Singles Day by building a shopping list on Alibaba's retail platform Tmall and watching for when prices dip. About 90 percent of transactions were done via mobile. The Sixth Tone reports that Chinese retailers traditionally put a limit on how many items you can put in your online shopping cart to help "ease operations", encouraging buyers to put in one purchase order rather than multiple transactions that require more processing.

Analysts say Alibaba will take Singles' Day global as Chinese e-commerce growth rates are expected to slow in the years ahead.

"Using past growth figures, Hylink have predicted that Singles' Day is expected to generate over US$21 billion in sales this year".

"This is just the start".

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