Alibaba smashes Singles' Day records with 39% sales lift

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"This is a huge increase from last year's figures which saw a collective spend of US$17.8 billion in 24 hours - more than the annual e-commerce sales of Brazil", James Hebbert, UK Managing Director from Hylink, a digital advertising agency, told the South China Morning Post.

This year, the company saw consumers spending 10 billion yuan (US$1.5 billion) in 3 minutes after the 24-hour shopping spree kicked off on November 11, 2017, compared with 10 billion yuan in 6 minutes of Singles' Day last year. In comparison, U.S. sales between Thanksgiving until Cyber Monday accounted for $12.8 billion in 2016. In 2009, retailer Alibaba turned the day into the country's version of Black Friday - and eight years later, sales from the Chinese e-commerce event has more than doubled those from Black Friday and Cyber Monday in the USA combined.

More than 140,000 brands participate in 11.11 in 2017, offering 15 million products The Double 11 shopping event has more than 60,000 global brands that will offer popular items from authentic autographed sports memorabilia to fresh foods and produce to half a billion Chinese consumers.

The event has been adopted by Alibaba rivals such as JD.com, with merchants engaging in a cut-throat battle to slash prices and move goods.

Alibaba's payments affiliate, Alipay, processed $17.8 billion of transactions on November 11 previous year.

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

Analysts say Alibaba will take "Singles Day" global as Chinese e-commerce growth rates are expected to slow in years ahead.

But environmentalists accuse Alibaba and other e-tailers of fuelling a culture of excessive consumption and mountains of waste.

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.

Greenpeace said "Singles Day" deliveries a year ago created 130,000 tonnes of packaging waste - less than 10 percent of which is recycled. The first purchase during Singles Day this year was delivered less than 13 minutes after midnight.

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