China's Posts Better-than-expected Earnings


China's Posts Better-than-expected Earnings

Alibaba says the overall take came to more than 25 billion dollars over 24 hours.

As for the USA retailing equivalents just after Thanksgiving, for years the sales figures in China on Singles Day have blown past the totals of Black Friday and Cyber Monday combined. Mobile transactions made up 90% of sales during the day-long event, with as much as 97% of orders coming from mobile devices in the first minute, Yahoo!

The concept was introduced by Alibaba CEO Jack Ma a year ago in a bid to "tap into the US$4.8 trillion retail sector in China by eliminating the distinction between online and offline commerce".

Chinese online retailer on November 13 reported revenue of 83.7 billion yuan ($12.6 billion) in the three months to the end of September, an increase of 39 percent from the same period previous year.

Initially, the concept of Singles Day had begun as an event for the lonely singles to shop and have fun, but today it's one of the biggest and craziest shopping events in the country!

The top countries selling in China throughout Singles Day include Japan, the U.S., Australia, Germany and South Korea. And well, Alibaba the e-commerce giant turned this day into a shopping day in 2009. The U.S. Securities and Exchange Commission launched a probe into Alibaba's accounting practices in 2016, including into its Singles' Day data. FashionUnited shares some key statistics from Singles' Day 2017 below.

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". Sales of 157 merchants exceed 100 million yuan; 17 merchants exceed 500 million; 5 merchants exceed 1 billion yuan.

Everything about Singles Day is noteworthy, from the sales volume to the number of transactions that get processed on mobile payment platforms. Ma's company spent billions buying into grocers, shopping malls and even department stores years before Amazon announced its $13.7 billion acquisition of Whole Foods Market Inc. Brands including Levis and L'Oreal are taking part. It processed more than 1.48 billion transactions in total and has processed 812 million total delivery orders.

Consumer spending in China accounted for 40 percent of the GDP, compared with nearly 70 percent for the U.S. Reaching that level would translate to annual spending of 700 billion to 800 billion dollars, according to Tsai's projections.



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