Alibaba's annual one-day shopping extravaganza produced a 39% rise in gross merchandise volume, yet the stock is flatlining today.
JD.com, the country's largest consumer electronics retailer and second-largest e-commerce firm behind Alibaba, booked $19 billion in total sales for Singles' Day, which will be reflected in its fourth-quarter earnings.
Alibaba Group Holding Ltd's Singles' Day generated a record 168.2 billion yuan ($25.3 billion) in sales, as the e-commerce giant worked with more traditional retailers to market discounted lobster, iPhones and refrigerators to shoppers from at least 225 countries and regions. Mobile transactions made up 90% of sales during the day-long event, with as much as 97% of orders coming from mobile devices in the first minute, Yahoo!
Singles Day started as an obscure holiday celebrated by college students in China. Indeed, during the busiest periods, the company registered 256,000 transactions per second.
That's almost double the sales from Black Friday and Cyber Monday in the United States combined, according to technology news website The Verge.
The jump represents the continuing dominance of the Alipay platform in China, and demonstrates that Chinese consumers "have now fully embraced the integration of online and offline retail", Daniel Zhang, CEO for Alibaba, said in the press release.
Combining Prime Day, Black Friday and Cyber Monday sales would total just 30% of Alibaba's sales during the 2018 Singles Day celebrations.
Alibaba has spent billions buying into grocers, shopping malls and even department stores years before Amazon announced its US$13.7 billion acquisition of Whole Foods Market Inc. The company is also converting 100,000 retail outlets into so-called smart stores. Alibaba has said Cainiao expects 3 million people to handle packages during the 24-hour-period.
More than 40% of the brands taking part this year came from outside China, according to eMarketer.