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 a year ago, state media Xinhua reports.
China's second-largest e-commerce company JD.com (NASDAQ: JD) on Monday reported better-than-expected financial results for the quarter ended September 30, 2017, sending the stock up over 5 percent. The analyst writes, "While mobile was already a big driver of prior years' GMV growth, the percentage of Mobile GMV as a percentage of total GMV this year increased to 90%, versus 82% and 69% in 2016 and 2015, respectively".
"Singles Day in China makes the USA consumer look like an irrelevance", O'Neill said.
"The work that's been done in the integration of offline and online, not just in terms of the technology integration, but the data and efficiencies for brands and the consumer through personalization has been enormous", Alibaba President Mike Evans said in an interview on Bloomberg TV.
Now, it's become an excuse for people to shop and binge on entertainment shows. Alibaba offers electronic payment services, shopping portals, and cloud computing.
The event is so successful and popular because Alibaba is so strongly vertically integrated. China has 731 million internet users, up 6 per cent from 2016, according to government statistics. The goods are shipped from dedicated Alibaba warehouses, obviating middlemen.
The company is also converting 100,000 retail outlets into so-called smart stores.
So over the weekend, the ninth version of this co-opted observance took place, and Alibaba says more than a million retailers around the world took part.
The event gets shoppers around China scouting for bargains and loading up their online shopping carts, while delivery men - and robots - brace for an estimated 1.5 billion parcels expected over the next six days.
Lazada is Alibaba's early dibs on a young and keen market.
Shoppers in Singapore, Malaysia, Thailand, Indonesia, the Philippines and Vietnam ordered 6.5 million items, 191 per cent or almost double that of previous year, Lazada said in a media release on Monday (Nov 13).
"On the back of 11-11, we will probably have to distribute north of 700 million packages", Evans said. "We have invested in Paytm".