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Alibaba smashes Singles' Day records with 39% sales lift

12 November 2017

Alibaba ( BABA ) racked up another huge take from its "11.11 Global Shopping Festival", but JD.com ( JD ) also enjoyed a sales windfall.

Alibaba is cleaning house during China's Singles Day festival, the biggest day in online shopping all year.

The percentage of GMV generated by mobile users was 90% - a clear sign that Alibaba has realized the goal it set several years ago to migrate consumers to the platform they hold in their hand.

Alibaba said that five minutes after midnight Alipay was processing 2,56,000 payment transactions per second, doubling last year's high-water mark.

Singles's Day far out ranks the entire Black Friday Weekend in terms of sales, a year ago Single's Day sales were triple the combined total from Thanksgiving, Black Friday and Cyber Monday.

Alibaba and JD stock have both doubled this year as revenues surged.

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But environmentalists accuse Alibaba and other e-tailers of fuelling a culture of excessive consumption and mountains of waste. Last year, there were 98,000. Quirkier items meant to nail in on the joke about the nature of Singles' Day were heavily promoted, such as a one time payment of 11,111 yuans (roughly $1,672 USD) for a lifetime supply of baiju liquor.

But the growth of Chinese e-commerce has proved a boon to hundreds of once-backward interior towns and villages, now dubbed "Taobao villages" after re-orienting their local economies toward manufacturing for online buyers.

In China, Alibaba's main rival, online retailer JD.com, said sales had topped $16.7 billion - though the tallies are not comparable because JD tracks transactions starting from November 1 through to the actual day.

It already has a substantial stake in Lazada, an online retailer in Southeast Asia - a hot e-commerce battleground - and recently launched an electronic trading hub in Malaysia, its first outside China.

Alibaba's 11.11 has grown beyond an annual online shopping bonanza to become a key driving force in transforming the lifestyle of Chinese consumers today through modern technologies. "We will see tens of billions of dollars injected overseas (by Alibaba)", said Li Chengdong, a Beijing-based independent e-commerce analyst.

This year, the world awaits whether it will break records again and reverberate throughout the world's e-commerce landscape.

Alibaba smashes Singles' Day records with 39% sales lift