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Alibaba Sells Record $18B in Single Day

Nov 13, 2016 11:10 AM   By Rapaport News
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RAPAPORT...
Sales on Alibaba Group’s Alipay platform jumped 32 percent on Singles’ Day, underlining the day’s growing importance on the Chinese retail calendar.

The total value of transactions hit $17.8 billion (RMB 120.7 billion) compared to $14.3 billion last year, Alibaba reported. The major shopping day, also called “11.11” since it falls on November 11, is being marketed as an occasion for single consumers to buy products for themselves.

"This year’s 11.11 is a preview of the future of retail, where entertainment, commerce and interactive engagement intersect seamlessly,” said Daniel Zhang, chief executive officer of Alibaba, which is based in Hangzhou, China.

Some $14.6 billion worth, or about 82 percent of the total sales, was from mobile transactions, compared with 69 percent a year ago.
Tags: alibaba, Alibaba Group, Alipay, China, Daniel Zhang, ecommerce, mobile sales, online retail, online sales, Rapaport News, retail
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