Alibaba crushes sales record during Singles' Day

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Despite strong bottom-line results, gross merchandise volume (GMV) growth still dropped to its lowest rate in a year, reflecting a seasonal lull in sales before Singles' Day.

JD (JD.O) posted net earnings of 1 billion yuan ($151 million), its highest ever quarterly profit, in the three months to September 30, far above an analyst consensus forecast of a 213 million yuan loss.

Alibaba's annual shopping frenzy helped approximately 82 brands make 100 million yuan in sales for 2017, including Nike Inc., Xiaomi Corp. and Uniqlo Co. all coming out on top.

13 hours - the time it took Alibaba to surpass its last year's 18.1 billion sales record, as reported by the "South China Morning Post". "Single's Day is Olympic Games for Chinese merchants". Shoppers also spent $3.39 billion on Cyber Monday a year ago, the largest single online shopping day in the U.S., Adobe said.

"In terms of scale it just dwarfs any other event out there", said Ben Cavender, Shanghai-based principal at China Market Research Group.

This figure was corroborated by ecommerce platform monitor Criteo, which said about 75 percent of transactions went through mobiles, with most of those in apps. "We could take the gala overseas very soon".

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On this day 11th November named as Singles' Day, Alibaba offers discounts on various set of products. Jack Ma, the founder of Alibaba wanted to use the "Bachelors" Day' to sell more stuff and "promoted it with his legendary brilliance", writes the prominent business journalist Hamish McRae in The Independent.

Now, it's become an excuse for people to shop and binge on entertainment shows.

Alibaba incorporated significant offline retail offerings into the event. China has 731 million internet users, up 6 per cent from 2016, according to government statistics. The interactive show, aired on Thailand's most watched channel and live-streamed on Lazada TV, featured celebrities singing and taking part in interactive games.

The event gets shoppers around China scouting for bargains and loading up their online shopping carts, while delivery men - and robots - brace for an estimated 1.5 billion parcels expected over the next six days.

To see more about these major players, check out the infographic. In total, almost 1.5 billion transactions were registered and about 800 million packages will arrive at the customers' doorstep in the next few days and weeks.

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