Markets

Single's Day trends: $25bn spent in one day

Single's Day trends: $25bn spent in one day

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.

Shares of Alibaba are down 0.31% to $185.84 on the first day of trading following the event.

Alibaba Group Holding Ltd.'s Singles' Day generated a record 168.2 billion yuan (US$25.3 billion) in sales, as the e-commerce giant worked with more traditional retailers to sell cut-price goods from at least 225 countries and regions. Here the sales since the beginning of the week until the main event have been excluded. The date of November 11 emerged as a counter-cultural antidote to the sentimentality of Valentine's Day.

About 90 percent of transactions were done via mobile. Indeed, during the busiest periods, the company registered 256,000 transactions per second. Analysts have come forward to outline that it exceeds the combined sales for Cyber Monday and Black Friday in the United States.

When compared to previous years sales it has been a rise in 40%.

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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 company is also converting 100,000 retail outlets into so-called smart stores. According to JD.com, this year's sales included eleven days of transactions. The interactive show, aired on Thailand's most watched channel and live-streamed on Lazada TV, featured celebrities singing and taking part in interactive games.

Revenue for the quarter was 83.8 billion yuan, just above analysts' mean estimate of 83.6 billion according to Thomson Reuters I/B/E/S.

To see more about these major players, check out the infographic.

And on this day i.e. 24 hours Alibaba handled a transaction of 1.48 billion.