Alibaba's Global Shopping Festival on Singles' Day also demonstrates the company considers a merger between offline and online is the future of retail. It has emerged as the world's biggest shopping event and exceeds the combined sales for Black Friday and Cyber Monday in the U.S. It is a festival widespread among young mainland Chinese people to celebrate the fact they are proud of being single.
While U.S. retailers are preparing for the usual discount sales around Thanksgiving, there was a huge shopping event over the weekend in China.
Squali notes, "Strong Chinese consumer buying, 4x growth in global brands, strength in cross border trade, rise of New Retail and ubiquity of mobile drove this outsized performance, and bode well for the company's December quarter".
An analyst following the market trends said, "As tills shut midnight on Saturday, Alibaba's live sales ticker registered 168.3 billion yuan, up 39 percent from 120.7 billion yuan past year".
On Saturday, Alibaba the e commerce giant in China launched a Singles Day sales event which resulted in sales worth a whopping $25.4 billion dollars.
TV and online retailer Momo.com Inc (富邦媒) said revenue skyrocketed 150 percent year-on-year to NT$740 million (US$24.51 million) on Singles' Day, also known as "Double 11" for the November 11 date, from NT$300 million on the same day last year. But there were hints of organizers wanting to make Singles' Day an worldwide event.
Singles Day has also morphed into "retail-tainment", with stars including Nicole Kidman and Pharrell Williams joining Alibaba chairman Jack Ma in a lavishly produced kickoff extravaganza. The e-Commerce giant sold $25.3 billion in merchandise through its marketplaces on November 11, a 39% increase over the previous year.
Apple, Estée Lauder, Gap, L'Oreal, Nike, Samsung, Uniqlo and Zara were among the 60 brands that each generated more than $15.1 million of sales in the first hour of Singles Day, per a statement.
More than 40% of the brands taking part this year came from outside China, according to eMarketer.
To connect a 10th of China's six million convenience stores to the internet, Alibaba uses an app called Ling Shou Tong, meaning "connect retail".
And after some years had passed, depending on your perspective, there came a new sales opportunity or a wave of commercial exploitation.
At just past the halfway mark, the headline gross merchandise volume swept past last year's dollar total just shy of $18 billion. Alipay processed 1.48 billion total payment transactions, up 41% from 2016, and processed 256,000 transactions per second at peak.