Alibaba breaks Singles Day record with more than $38 billion in sales

November 12, 2019 | Payments

Written by FinTech Alliance

Alibaba breaks Singles Day record with more than $38 billion in sales

Chinese e-commerce giant Alibaba set a sales record on Singles Day, the world’s largest 24-hour shopping event.

In Brief:

  • The platform posted a 26% rise on last year's performance.
  • This was the 11th edition of the annual Singles Day event.
  • Alibaba’s new record comes as it faces stiff competition from domestic rivals including  JD.com and Pinduoduo - both of whom also offer their own sales.

What this means

Chinese online demand for consumer goods (and Western brands) continues to surge despite a domestic economic slowdown - perhaps because of aggressive discounting. Alibaba’s Singles Day sales regularly racks up bigger sales than Black Friday and Cyber Monday combined.

Read more here

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