Alibaba pockets 3 bln U.S. dollars on “Singles’ Day”

Alibaba cashed in 19.1 billion yuan (3.04 billion U.S. dollars) during its “Singles’ Day” shopping promotion on Sunday, the Chinese e-commerce giant announced on Monday.

The figure was three times more than that of last year, according to taobao.com, a key sales platform under Alibaba.

“The high sales proved the consuming capacity of Chinese consumers,” said Zhang Yong, president of Tmall, a B2B platform with taobao.com.

“Tmall has stimulated the consuming power,” he said. “It’s like we have ignited a firecracker.”

Sunday’s online shopping bonanza was initiated by Alibaba with Taobao.com and Tmall.com, based in Hangzhou, capital of eastern Zhejiang Province.

Other Chinese e-commerce companies, including 360buy.com, suning.com and dangdang.com also had promotions on the same day.

Figures from them are not yet available.

Alibaba launched its 24-hour 50-percent-off campaign on Nov. 11 or 11.11, which has four “1”s, each representing a single person.

The grassroots’ self-proclaimed “holiday” has developed among China’s unmarried adult population, which is estimated at 180 million.

With its growing popularity, “Singles’ Day” has generated billions of yuan in sales for the retail business in the past few years.

Xinhua