Alibaba said that by mid-day on Wednesday, it already crossed the amount it made last year of $9.3 billion in sales across its sites. Alibaba.com is a business-to-business trading platform primarily used by small firms, and the Alibaba Group also runs Taobao, a consumer marketplace. It said that sales on its sites exceeded $5 billion in only the first 90 minutes.
China’s largest online direct sales company, JD.com, also reported a record-breaking Singles’ Day on Wednesday. It said order volumes on its website had reached over 14 million by noon, surpassing last year’s total sales for the firm. JD.com has about one-quarter of China’s ecommerce market and appeals to some customers because its direct sales approach helps to ensure quality, whereas many more third-party sellers use Alibaba’s platforms, according to analysts.
Chinese shoppers, who are used to buying pretty much everything online, purchased 350,000 liters of milk, 1.2 million bottles of herbal tea and 75,000 bottles of cooking oil on JD.com by 9 am, according to the firm.
The record amounts spent in China on Singles’ Day might suggest consumers aren’t fearful of an economic slowdown in the world’s second-largest economy. More than 70% of sales so far on Wednesday morning came from Alibaba’s and rival JD.com’s mobile sites, showing that both online shopping and smartphone use has become ingrained in the country. Read more…