According to Tech Crunch, total U.S. Thanksgiving shopping topped $1 billion and Black Friday topped $1.5 billion, representing a year-over-year growth rate of 32 percent and 26 percent, respectively. It is a day that encourages those who are single to splurge, treat themselves and enjoy the single life.
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Alibaba’s payment service Alipay processed 117 million transactions during the first hour of Wednesday.
Alibaba generated profits at $9.3 billion previous year and 2.5 percent of which were part of the overall sales from the Singles Day event, said Sandy Shen, a Beijing-based analyst with the Gartner Group.
Huge demand from China caused a shortage of premium organic baby milk formula in Australia. The Chinese e-commerce giant Alibaba says it’s gearing up to go public on a US stock exchange in what is likely to be the world’s biggest IPO this year.
“Last year, we handled a record-breaking 80,000 orders at peak per second at peak”.
Last year’s record was broken by mobile users alone, as Tmall.com and Taobao Marketplace saw 95 million shoppers accounting for $9.8 billion.
Ma’s company, which has been promoting the annual event since 2009, announced this year that there would be over 40,000 retailers and 30,000 brands from 25 different countries selling goods on its website. “The whole world will witness the power of Chinese consumption this November 11”. “It also showcases how Alibaba uses big data, cloud computing and mobile innovations to create the best shopping experience for buyers and sellers”, said Daniel Zhang, chief executive officer of Alibaba Group. In first five hours of the festival, it surpassed its 2013 Singles’ Day sales, while 2014’s sales figures were crossed within 12 hours. The results revealed earlier today by the e-commerce giant reported a whopping 54% increase from past year sales.
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IDC, the market research firm, predicts that Alibaba’s sales during this day could reach 87bn yuan, or $13.7bn.
