Alibaba hits a record $25.3bn in sales on Singles' Day
Alibaba hits a record $25.3bn in sales on Singles' Day
China e-commerce laws
13 November, 2017, 18:11
Despite strong bottom line results, gross merchandise volume (GMV) growth still dropped to its lowest rate in a year, reflecting a seasonal lull in sales before China's biggest online sale event, Singles' Day, which ended on Saturday.
During the "Singles Day", a one-day shopping event held on November 11, JD.com's transaction volume hit $19.1 billion, up 50% on year, it said in a statement Sunday.
"Sales of appliances and mobile phones 3/8 both were dragged by weaker growth in September. mainly due to competition and slow seasonality", said TH Data Capital analyst Tian Hou in a research note ahead of the earnings.
About 90 percent of transactions were done via mobile.
China's largest ecommerce company by revenue, JD.com, Inc., on Monday said it swung to a net profit in the third quarter, thanks to higher online direct sales. At its peak, the company's processors handled 256,000 transactions per second. The date of November 11 emerged as a counter-cultural antidote to the sentimentality of Valentine's Day.
The jump represents the continuing dominance of the Alipay platform in China, and demonstrates that Chinese consumers "have now fully embraced the integration of online and offline retail", Daniel Zhang, CEO for Alibaba, said in the press release.
The retail event is now almost four times larger than Black Friday and Cyber Monday, the two biggest shopping days in the US. The company also sold 100,000 microwave ovens in sixty minutes.
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. In the last few years, other Chinese companies, such as JD.com, have also taken part in the festival, which has recently reached a global level and has made the opportunity for retailers even greater.
Incidentally, Lazada is 83%-owned by Alibaba, following a $1 billion deal announced in June to up its stake from 51%.
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