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12 November 2017, 12:52 | Sammy Green
Singles' Day: Alibaba World's Largest Online Shopping Event
Singles' Day, then, appears to be celebrating a marriage after all-one of cyberspace and reality.
Even when putting together all the biggest USA shopping holidays, Black Friday, Thanksgiving, Cyber Monday, and Amazon's Prime Day-sales from Chinese e-commerce giant Alibaba's Singles' Day still come on top, according to data compiled by Fung Global Retail & Tech.
November 11 has been celebrated as China's Single's Day since the 1990s.
39% Growth really is staggering, global ecommerce grew 24.6% in 2016 so Alibaba's Singles' Day sales are far outpacing any metric you care to name.
Alibaba rivals such as JD.com also reported brisk business.
As the clock ticks to midnight, the regular Ali, Ah Chong and Muthu will be scrambling to click on the button of that famous online shopping boutique for the planet's biggest online shopping fest, Alibaba's "11.11 Singles" Day'.
This year, 140,000 different merchants took part in the event, including many worldwide brands like Tampax and Asos.
The yearly display of rising Chinese consumer spending power has become a key date for manufacturers and retailers in the country, accounting for a significant share of annual orders for many businesses.
More than 90 percent of orders were placed via mobile, the majority of which on Alibaba's main e-commerce platform Taobao.com (淘寶).
Alibaba said that five minutes after midnight Alipay was processing 2,56,000 payment transactions per second, doubling last year's high-water mark. The day of shopping brings in more sales than Black Friday and Cyber Monday combined in the US.
But environmentalists accuse Alibaba and other e-tailers of fuelling a culture of excessive consumption and mountains of waste.
It said e-commerce is actually more carbon-intensive than brick-and-mortar shopping, calling "Singles Day" a "disaster for the environment". It already has a substantial stake in Lazada, an online retailer in South-east Asia and recently launched an electronic trading hub in Malaysia. Alibaba has not only transformed consumer behavior in China, but merchant behavior as well.
This year, the world awaits whether it will break records again and reverberate throughout the world's e-commerce landscape.
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