Alibaba hits a record $25.3bn in sales on Singles' Day

China e-commerce laws

China e-commerce laws

Alibaba's annual one-day shopping extravaganza produced a 39% rise in gross merchandise volume, yet the stock is flatlining today.

"We want to make Singles' Day a more global event", said Zhang during an interview in Shanghai.

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If you hadn't heard, Saturday's Singles' Day sale in China absolutely smashed last year's already phenomenal record, bringing in $25 billion in a day on a single shopping site - Alibaba Taobao. The event is celebrated on November 11 in China and is the biggest commercial day of the year, with sales reaching at least 225 countries worldwide.

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. 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.

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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. 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! Indeed, during the busiest periods, the company registered 256,000 transactions per second.

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. However, unlike Alibaba's figure, this total includes 11 days of transactions, as the company also includes the 10 days leading up to the big day. But considering the shopping holiday is nowhere near the cultural phenomenon it is in China, and that almost no retailers offline contributed to the buzz, the new record reached shows more people are used to buying online.

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