Alibaba Group Holdings total purchases for Singles Day passed over $56 billion on Tuesday, a staggering total that achieves the record $10.4 billion spent during Amazon Inc.'s (AMZN).
Singles Day is typically a 24-hour shopping event in China that sees huge discounts across millions of products on e-commerce platforms run by Alibaba, JD.com and other players. It generates more sales than Black Friday.
But this year, retailers JD.com and Alibaba have extended the shopping event. It has run from Nov. 1 and will end at midnight on Nov. 12.
Alibaba Group
Moreover, Tmall Alibaba's business-to-customer site, saw 342 brands hit the 100 million yuan sales threshold from Nov 1 to the first 35 minutes of Nov 11. Among these, 13 brands, including Apple, Huawei and Midea, achieved 1 billion yuan, according to the Tech reportes.
On other hand, Alibaba Group explained some 250,000 brands joined the fray this year, bringing 16 million discounted items. The number of orders created at peak was 583,000 orders per second, backed by strong computing power to ensure smooth transactions.
Also, the consultancy PwC expected the festival to draw over 800 million consumers and 5 million businesses, and said the shopping festival is set to become "the barometer of China's continued economic recovery.
Earlier, Alibaba recorded last week stronger-than-expected earnings for its fiscal second quarter as core e-commerce revenues jumped by nearly a third following China's easing of coronavirus lockdown restrictions.
Noteworthy, this year’s Singles Day is set against the global coronavirus pandemic which has ravaged the world economy. But in China, where the virus broadly appears to be under control, the economy has begun to recover.
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