Alibaba Singles’ Day sales hit $9.3b

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E-commerce giant Alibaba saw total sales on Singles’ Day hit a new record of $9.3 billion.

Home decor emerged as a popular product category, with the company selling more than 1.2 million big home appliances and more than three million light products.

However, the November 11 event also covered regular products. For example, 200,000 bottles of detergent were sold. One-off products also had a strong showing, with 50,000 cars sold.

Alibaba’s PayPal-like affiliate, Alipay, saw its number of payments processed soar 60 per cent to reach $5.8 billion for the day overall.

In a statement, Jack Ma, the founder and executive chairman of Alibaba, said that the company hopes to contribute to the Chinese economy.

“We feel the Chinese economy doesn’t lack external demand but internal demand is much needed and we are fortunate enough to be able to tap this demand,” he said.

In 2013, the company registered $5.75 billion in sales across its two largest shopping services: Taobao Marketplace and the T-Mall site.

Alibaba easily matched last year’s sales, clocking in its first $1 billion in sales in less than 20 minutes, at 12:17am to be exact. Comparatively, last year’s Cyber Monday in the United States posted a record $2.29 billion in sales

Interestingly, 43 per cent of all transactions came in through mobile devices, a significant increase from last year’s figure of 21 per cent.

The numbers are encouraging for the company, which was forced to adapt its strategy and business model to cater to the sharp increase in mobile internet usage within the country.

Alibaba’s inaugural earnings report showed that its revenue from mobile devices surged 1,020 per cent year-on-year to $606 million during its most recent quarter of business.

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