Alibaba makes $ 56 billion in Singles’ Day sales

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Alibaba, Asia’s most valuable tech group, set a new sales record at its annual shopping event called Singles’ Day.

Singles’ Day is usually a 24-hour shopping event in China, with huge discounts across millions of products across e-commerce platforms run by Alibaba, JD.com, and other players.

Singles’ Day in China is selling more than Black Friday and Cyber Monday in the US combined.

Retailers this year have extended the shopping event, which began on November 1 and ends at midnight on November 12.

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The total value of GMV merchandise, a figure that shows the total value of orders via Alibaba’s shopping platforms, has surpassed 372.3 billion yuan ($ 56.42 billion) as of 12:30 a.m. Beijing Time on Wednesday, Alibaba said.

The figure represents total sales since the shopping event began on Nov. 1, and is more than the 268.4 billion yuan (38.4 billion US dollars) the company recorded last year in the 24-hour period on Singles’ Day.

JD.com, Alibaba’s main competitor, said the volume of transactions across its platform had reached 200 billion yuan as of 12:09 a.m. Beijing time on Wednesday.

Despite the tremendous numbers recorded by Alibaba, it took a big hit; This is because the Chinese government proposed new anti-trust regulations. Yesterday, the company lost $ 60 billion of its market value in one day.

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Alibaba’s sales kept the record of $ 10.4 billion Amazon achieved during the Prime Day event – which lasted two days last month – minimal.

This year, consumers showed interest in the new 5G technology, and Alibaba said: This year’s Singles Day covers two million new products across its platforms, double the number registered last year.

Last week, Alibaba posted stronger-than-expected earnings for the second quarter of the fiscal year, as core e-commerce revenue jumped by nearly a third after China eased lockdown restrictions due to the coronavirus.

Alibaba said that the group’s revenue rose 30 percent to the equivalent of 23 billion US dollars, and cloud business revenues increased by 60 percent to 27.24 billion yuan, compared to the core trade revenue of 264.24 billion yuan.

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