Alibaba Group made $25.3bn during Single’s Day
Alibaba Group Holding Limited generated RMB168.2bn (US$25.3bn) of gross merchandise volume (GMV) through Alipay on 11 November.
The company made a 39% increase compared to last year’s global shopping festival, with 90% of its total GMV accounted for by mobile GMV settled through Alipay – an increase of 8% from 2016.
“More than US$25 billion of GMV in one day is not just a sales figure,” stated Daniel Zhang, Chief Executive Officer of Alibaba Group.
“It represents the aspiration for quality consumption of the Chinese consumer, and it reflects how merchants and consumers alike have now fully embraced the integration of online and offline retail.”
Alipay processed 1.48bn total payment transactions, which is a rise of 41% from last year.
The payment platform also handled 256,000 transactions per second at peak, and Alibaba Cloud handled 325,000.
It is argued that one of the contributors to this success is Alibaba’s newly released AI fashion consultant.
The technology uses very small sensors that are embedded within garments, and through these a screen within changing rooms will recommend further garments to pair with the original, enable customers to purchase more.
The technology is available, free of charge, across 13 stores in China.