Single's Day 2017 Again Sets Record with $25.3B in GMV

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Singles Day sales dwarf the $12.8 billion in online sales for Black Friday and Cyber Monday, two of the biggest shopping days of the year in the U.S.

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At the top of the food chain, 167 merchants each generated more than 100 million yuan ($15.1 million) in GMV on Singles Day this year, including Nike, Gap and Uniqlo, thanks to promotional relationships with Alibaba.

Momo.com said it integrated its online and offline resources by convening a 10-hour marketing event in Xinyi District on Saturday, inviting 11 Taiwanese celebrities to live-stream promotions of discounted products displayed on the event stage.

Singles' Day is an annual 24-hour buying frenzy that takes place in China on November 11. In the beginning, the gross product sale was just short of a billion dollars from a year ago, but soon broke the record in terms of local currency. At its peak, Alibaba Cloud processed 325,000 orders per second across 225 countries and regions.

China's e-commerce platforms grossed a record-breaking total of US$38.2bn in online sales during the Singles' Day shopping festival over the weekend, up almost 50 percent compared to the same period previous year, state media Xinhua reports.

In China, it's "Singles Day"-which started off as the brainchild of some students at Nanjing University back in the early 1990's".

"168.2 billion yuan sales is not only a record in China, but also a record worldwide, " Alibaba's Chief Executive Daniel Zhang Yong said. The country's online retail sales are growing 30% a year with mobile payment transactions surpassing $23.8 trillion, Chinese President Xi Jinping said at a meeting of world leaders in Vietnam on Saturday.

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. "Single's Day is Olympic Games for Chinese merchants".

More than 40% of the brands taking part this year came from outside China, according to eMarketer.

At just past the halfway mark, the headline gross merchandise volume swept past last year's dollar total just shy of $18 billion. It processed more than 1.48 billion transactions in total and has processed 812 million total delivery orders.

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