Published: Mon, November 12, 2018
Finance | By Jaime Brady

Editor's Take | Alibaba posts record high sales on Single's Day

Editor's Take | Alibaba posts record high sales on Single's Day

Daniel Zhang, Chief Executive Officer of Alibaba Group delivers a speech during Singles'Day.

The e-commerce giant launched the annual online shopping promotion on November 11, 2009, a day celebrated by many Chinese young people as Single's Day. Health supplements topped the list of most popular imported items purchased by consumers in China as of 12 pm, followed by milk powder, facial masks and milk powder, according to Alibaba.

Chinese internet giant Alibaba Group Holding Ltd. registered record sales on its biggest shopping day, the annual Single's Day, on Sunday generating RMB 213.5 billion (US $30.8 billion) of gross merchandise volume (GMV), an increase of 27 per cent compared to a year ago.

This year it took just under 16 hours for sales to surpass the previous year's full-day sales record of 168 billion yuan (£18.7bn).

The 213.5bn yuan (£23.8bn) revenue haul was 27% higher than last year, though this represented the slowest rate of growth in the event's 10-year history - after a rise of 39% in 2017.

Your opinion is valuable. However, the company's revenues are still increasing at a healthy rate of 54 percent year-over-year.

To compensate, the company will take in less commission from its platforms in the near term to retain brands and attract new buyers, it said.

Sales rose 27%, compared with 39% past year.

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This was reflected in some of the sales patterns seen in Sunday's event, with small appliances and cosmetics seeing strong growth but demand for big-ticket items slowing.

"We have to continue to change to reach 300 billion or 500 billion". But we have to change.

"Alibaba is making use of all of its platforms to make Singles' Day a holiday that also includes dining and entertainment", Jet Jing, president of Tmall, one of the company's main sites, said at the Singles' Day event. Western celebrities including singer Mariah Carey and model Miranda Kerr were on hand to play up the recently invented festival called Singles Day, China's equivalent of the U.S.' Black Friday.

This year marks the last Singles Day led by Jack Ma, Alibaba founder and leading light.

During this year's event the company said it worked with 180,000 brands across over 200 countries, and shortly before midnight on Sunday it had sent over a billion packages.

A giant screen displays sales on Alibaba's online marketplace Tmall for Singles' Day shopping spree in Shanghai, east China, Nov. 11, 2018.

Also known as Double 11, the shopping extravaganza will draw to a close at midnight.

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