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13 November 2017, 06:09 | Kelvin Horton
Shares of Alibaba are down 0.31% to $185.84 on the first day of trading following the event.
Chinese e-commerce giant JD.com (JD) said Sunday that transaction volumes on its platform for the Singles' Day sales period grew more than 50 percent from past year to 127.1 billion yuan, or about $19.1 billion.
"Sales of appliances and mobile phones 3/8 both were dragged by weaker growth in September. mainly due to competition and slow seasonality", said TH Data Capital analyst Tian Hou in a research note ahead of the earnings.
This figure was corroborated by ecommerce platform monitor Criteo, which said about 75 percent of transactions went through mobiles, with most of those in apps.
For example, Amazon has a market cap of $427 billion, whereas Alibaba is at a "mere" $265 billion, but they account for almost the same amount of total retail in the USA and China, respectively (over $4,800 billion each).
The huge rise in sales this year - up 39 per cent from last year - is welcome news for the Chinese government as Beijing increasingly looks towards its consumers at home, rather than exports, for economic... The company is also converting 100,000 retail outlets into so-called smart stores. More than 140,000 brands participated in this year's shopping event.
Revenue for the quarter was 83.8 billion yuan, just above analysts' mean estimate of 83.6 billion according to Thomson Reuters I/B/E/S.
It's early days in Alibaba's grand retail experiment, but if it works, it could deepen a lead over Jeff Bezos' Amazon.com Inc in the fragmented world of physical retailing. It oversees a coterie of more than a dozen shipping partners, orchestrating deliveries carried out by millions of people across more than 600 cities.
And on this day i.e. 24 hours Alibaba handled a transaction of 1.48 billion.
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