Rs 10 Lakh Crore Ecommerce Sales In 24 Hours On Alibaba, JD: Singles Day Sales Smash All Records!

On the largest shopping event of the world, the Chinese unofficial holiday and shopping season Singles Day, dated November 11, this year saw new sales records hit for Chinese e-commerce giants JD.com and Alibaba, as sales creeped up handsomely for both the entities.

Also termed as Double 11, Singles Day 2021 was a multi-day extravaganza in the Chinese e-comm space, ending midnight on Nov 11. While Alibaba started the event in the beginning of the month, JD.com commenced it a little earlier, towards late October.

Shares Affected After Double 11

Due to the large volumes of purchasings conducted on the platforms of tech giants JD.com and Alibaba, their share prices fluctuated a day after the event, on Friday’s session.

Shares of JD surged almost 4.6%, while that of Alibaba declined about 1.8% in Hong Kong during the afternoon trade on Friday.

High Transaction Volumes Recorded for JD & Alibaba

During the 11-day shopping period, Alibaba’s gross merchandise volume or GMV surged 8% to 540.3 billion yuan, approximately $84.54 billion, which is 8% more compared to last year’s figure of 498.2 billion yuan.

For JD, the transaction volume on its platform during the multi-day extravaganza soared 28% to 349.1 billion yuan or $54.6 billion this year, compared to 271.5 billion yuan recorded in Singles Day 2020.

While the two figures, GMV and transaction volume do not translate into direct revenues for the two e-comm majors, it does indicate the vast appetite of Chinese consumers to shop on the two platforms. This in turn shifts eyes towards the volume of transactions made on the two platforms.

Event Aligned with Social Responsibility

Both JD and Alibaba touted social and environmental responsibility during the event, aligning themselves with the priorities of Beijing, states CNBC.

JD stated that it reduced its carbon emissions by 26,000 tons compared to last year during this Singles Day period.

“This 11.11 Global Shopping Festival, we delivered steady and quality growth that is a reflection of the dynamic Chinese consumption economy. We also leveraged the power of 11.11 as a platform to fulfill our social responsibility. This year’s festival was a meaningful milestone as part of our commitment towards building a sustainable future,” stated Yang Guang, VP Alibaba.