Shoppers in China spent $25.3bn in one day on Saturday, smashing previous records for the world's largest retail event which is now four times bigger then Black Friday. The event helped at least 82 brands top 100 million yuan in sales - Nike Inc, Xiaomi Corp and Uniqlo Co coming out as some of the biggest winners.
In the end, Singles Day - now dubbed 11/11 - was only about 10% of total GMV in the last fiscal quarter of 2016, Raymond James analysts note. Indeed, during the busiest periods, the company registered 256,000 transactions per second.
JD.com, China's second-largest e-commerce firm, saw its stock jump over 7 percent in pre-market trading on Monday after it reported better-than-expected income for the quarter ended September 30, due to strong sales.
In China November 11th is known as the Single's Day and was declared a decade ago. In fact, revenues from Amazon's Prime Day, Black Friday and Cyber Monday is just 43 per cent of Singles' Day revenue.
"The work that's been done in the integration of offline and online, not just in terms of the technology integration, but the data and efficiencies for brands and the consumer through personalization has been enormous", Alibaba President Mike Evans said in an interview on Bloomberg TV. The company also sold 100,000 microwave ovens in sixty minutes. 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.
Alibaba often pays celebrities to promote the day, with Nicole Kidman, Pharrell Williams and Maria Sharapova appearing on stage in Shanghai this year to perform in a televised gala.
Lazada is Alibaba's early dibs on a young and keen market.It oversees a coterie of more than a dozen shipping partners, orchestrating deliveries carried out by millions of people across more than 600 cities.
Alibaba spotted the region's potential, and injected another $1 billion into Lazada in June this year, to now own 83 percent of the company.