3.5 trillion dollars in electronic payments during Singles’ Day in China

  Alibaba generated $84.54 billion in sales on Singles' Day (AFP)
achieved Online Payments During the annual Chinese shopping festival known asSingles' DayThis year, it reached a record 22.32 trillion yuan (about $3.48 trillion).
وقال People's Bank of China (Central Bank) According to the Chinese news agency "Xinhua", today, Saturday, that during the festival period, which lasted from November 1 to 11, this year, more than 27 billion transactions were processed through the Chinese online payment clearinghouse platforms "Netsunion" and payment giant. With China UnionPay cards, up 17.96 percent year on year, the total value increased by 14.98 percent year on year.
According to the central bank, "payment services were safe, efficient and convenient, and both the volume of related business and the consumption of the population rose steadily during the shopping festival." 

The Singles’ Day Shopping Festival was first launched by Alibaba on 11 November 2009 and has since become one of the largest online shopping activities in the world.

Alibaba’s sales of 84.54 billion dollars

The Alibaba Group’s e-commerce platform Tmall generated 540.3 billion yuan (about 84.54 billion dollars) in total merchandise value during the same shopping festival.
“This year’s Singles’ Day Shopping Festival was a meaningful milestone as part of our commitment to building a sustainable future,” said Yang Guang, vice president of Alibaba Group, according to Xinhua.
Data results showed that 78 brands registered 10 million yuan to 100 million yuan in total merchandise value during the shopping festival, including Huawei, Apple and Eric, while 698 other brands registered between 1 million and 10 million yuan, according to a press release issued by the company.
More than 290,000 brands participated in the shopping promotion this year.
More than 45 percent of consumers who bought were born in the 1990s and the 21st century, the company said, adding that the number of consumers born in the 21st century increased by 25 percent year on year.
Purchases during the festival were not limited to Alibaba’s “Timol” platform, but also extended to other e-commerce platforms in China.
“Sales are crazy,” said Shen Donglai, co-founder of local cosmetics brand SubChina, which is participating in the Singles’ Day Shopping Festival for the third time.
“We sold more than one million pieces in less than two hours after the pre-sale started, and our total pre-sale volume reached nearly 130 million yuan, which is ten times higher than the same period last year,” Shen added.

The sales of the Chinese brand “Warm Studio” for designer bags also exceeded the expectations of its founder Gu Liang, who said, “We expect to sell 70,000 bags on Tmall during this year’s event, which is three times the number recorded last year.”
The Singles’ Day shopping spree has also pushed their partners’ business, Gu added, “Our high sales have kept their factory and 1,000 workers busy.”
The total order value on JD.com, another Chinese e-commerce giant, hit a new record high of more than 311.4 billion yuan.
(one dollar = 6.4 Chinese yuan)