Mon, Nov 13, 2017 - Page 15 News List

Alibaba reports more than US$25bn in Nov. 11 sales

AP, BEIJING

Chinese consumers have spent billions of dollars shopping online for anything from diapers to diamonds on “Singles’ Day,” a day of promotions that has grown into the world’s biggest e-commerce event.

Alibaba Group Holding Ltd (阿里巴巴) yesterday said sales by the thousands of retailers on its platforms for the 24-hour period on Saturday amounted to 168.3 billion yuan (US$25.34 billion), setting a new record for the company.

It was 39 percent more than last year’s Nov. 11 sales on Alibaba’s platforms of 120.7 billion yuan.

By comparison, US shoppers last year spent more than US$5 billion shopping online on Thanksgiving Day and Black Friday, a day of discounts the day after the national holiday, according to Adobe Digital Insights, which tracks such data.

US shoppers last year also spent US$3.39 billion on Cyber Monday, the first Monday after Thanksgiving and the largest single online shopping day in the US, Adobe said.

In China, Alibaba’s main rival, online retailer JD.com Inc (京東), did not provide a sales figure for Saturday, but said cumulative sales over the 11-day period starting on Nov. 1 through Saturday totaled 127 billion yuan (US$19 billion).

Starting at midnight on Friday, diamonds, Chilean frozen salmon, tires, diapers, beer, shoes, handbags and appliances were shipped out from JD.com’s distribution centers on trucks bound for deliveries countrywide.

China is already the world’s largest e-commerce market and the online share of consumer spending grows every year.

Boston Consulting Group has forecast that Chinese online sales will rise 20 percent a year to US$1.6 trillion by 2020, compared with 6 percent growth for offline retail.

The spending gives a boost to the Chinese Communist Party’s efforts to nurture consumer-based economic growth, and reduce reliance on trade and investment.

China has 731 million Internet users, up 6 percent from last year, government statistics showed.

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