Alibaba Group has announced that $25.3 billion of gross merchandise volume (GMV) was settled through Alipay on Singles’ Day, November 11 – an increase of 39 per cent compared with 2016.

Mobile GMV settled through Alipay accounted for 90 per cent of total GMV on the day, compared with 82 per cent last year. Alipay processed 1.48 billion total payment transactions, up 41 per cent from 2016 – processing 256,000 transactions per second at peak.

During the 11.11 event, 60,000 international brands and merchants were available to Chinese customers, with transactions being completed in 225 countries and regions. Japan, the US, Australia, Germany and South Korea were the top international countries selling to China.

Some 167 merchants generated more than $15 million in sales over the course of the day, with 17 merchants surpassing $75 million and six merchants surpassing $150 million in sales.

Daniel Zhang, chief executive officer of Alibaba Group, said: “More than US$25 billion of GMV in one day is not just a sales figure. 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.”

Nir Debbi, CMO and co-founder of Global-e, commented: “With Alibaba’s Single’s Day bringing in over $25 billion of sales in just 24 hours, there is no question that Single’s Day is a huge cross-border business opportunity for UK retailers. Not only are there massive revenues to be had, the day is an effective means for British retailers to establish themselves within China’s growing e-commerce market.

“However, in order to tap into the Chinese cross-border e-commerce market, UK retailers must do more than offer big discounts on Single’s Day. In order to achieve a solid customer base and enjoy increased sales all year round, UK retailers must ensure that they are able to offer Chinese shoppers the best possible localised shopping experience.”

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