Alibaba racks up $35b in Singles' Day sales

It’s almost time for the world’s largest online shopping day

Last year, sales on Alibaba's platforms totaled over 120.7 billion yuan, a record for the company. Thanks to the "Thanksgiving creep", sales on Thanksgiving Day were at $1.9 billion.

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 worldwide brands that will offer popular items from authentic autographed sports memorabilia to fresh foods and produce to half a billion Chinese consumers.

That blew well past the $17.8 billion logged over the full 24 hours last year, which itself marked a 32 percent year-on-year increase.

E-commerce giant Alibaba on Saturday kicked off its ninth edition of the 11.11 Global Shopping Festival, its annual sales event.

JD.com reports earnings before Monday's open.

Five minutes after midnight, Alipay was processing 256,000 payment transactions per second, doubling last year's high-water mark, Alibaba said.

The percentage of GMV generated by mobile users was 90% - a clear sign that Alibaba has realized the goal it set several years ago to migrate consumers to the platform they hold in their hand.

"Using past growth figures, Hylink have predicted that Singles' Day is expected to generate over US$21 billion in sales this year".

The Alibaba 11.11 (Singles Day) online shopping event is underway in China.

Double 11's transaction volume is pumped up by many Chinese holding off on purchases of everyday items like rice and toilet paper to take advantage of the price-slashing.

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

Alibaba hosts a large gala on the Friday before Singles Day. Greenpeace said Singles' Day deliveries past year created 130,000 tonnes of packaging waste - less than 10 per cent of which is recycled. Alibaba has not only transformed consumer behavior in China, but merchant behavior as well.

It said e-commerce is actually more carbon-intensive than brick-and-mortar shopping, calling "Singles Day" a "disaster for the environment".

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