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Alibaba transaction value hits RMB 50 bln on Nov 11 shopping bonanza

Nov 11, 2015 (China Knowledge) –, a B2C marketplace owned by Chinese online retail giant Alibaba, saw its transaction value of Nov 11 global promotion total RMB 50 billion by 10:00 this morning, overtaking its single day transaction volume on the same day in 2013 and the total online transaction figure in the Thanksgiving shopping in the U.S. in 2014.

Alibaba said that it generated more than US$1 billion in sales in the first eight minutes of the retail bonanza, breaking its record of 17 minutes to top the billion-dollar mark last year.

Customers from more than 200 countries have participated in the shopping carnival, which features 6 million commercial items under 30,000 brands offered by more than 40,000 merchants. The brands also include 5,000 foreign ones from the U.S., Europe, Japan, Korea and over twenty other countries and regions.

Daniel Zhang, the company’s chief executive, said the shopping festival is going global as the world is surprised by the purchasing power from Chinese customers. He also articulated the Alibaba technique group’s target of supporting 120,000 orders and 60,000 payments per second.

Nov 11 is Singles’ Day in China, a festival starting in the early-1990s as university students bought each other presents to celebrate being single. Alibaba’s first online sale of the festival was launched in 2009, with 27 merchants taking part.

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