Alipay logs record sales on China's Singles' Day

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This year's shopping festival entered new territory, blazing past $1 billion within two minutes of the holiday, starting at midnight on Saturday. Shoppers also spent $3.39 billion on Cyber Monday a year ago, the largest single online shopping day in the U.S., Adobe said. In comparison, United States sales between Thanksgiving until Cyber Monday accounted for $12.8 billion in 2016.

As per the company, over 140,000 brands are participating in this year's 11.11, offering promotions for more than 15 million product listings.

Additionally, the retailer hit a record $18 billion in just 13 hours, eclipsing last year's record of $17.8 billion in 24 hours.

On November 11 in China, Alibaba Group Holding's annual shopping festival, Single's Day, recorded $8.6 billion in sales in the first hour with a total of $25.3 billion in sales for the entire day, according to Bloomberg.

More than 90 percent of orders were placed via mobile, the majority of which on Alibaba's main e-commerce platform Taobao.com (淘寶).

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Alibaba launched "Singles Day" as the Chinese online answer to the late-November US "Black Friday" shopping rush, capitalising on the Chinese love of a good bargain and the growing national addiction to one-click smartphone payments. The day of shopping brings in more sales than Black Friday and Cyber Monday combined in the US.

Five minutes after midnight, Alipay was processing 256,000 payment transactions per second, doubling last year's high-water mark, Alibaba said.

Alibaba and JD stock have both doubled this year as revenues surged.

Greenpeace said "Singles Day" deliveries previous year created 130,000 tonnes of packaging waste - less than 10 percent of which is recycled. Credit China Network/Reuters Photo Singles Day will test Alibaba's logistics network. Alibaba has not only transformed consumer behavior in China, but merchant behavior as well. Quirkier items meant to nail in on the joke about the nature of Singles' Day were heavily promoted, such as a one time payment of 11,111 yuans (roughly $1,672 USD) for a lifetime supply of baiju liquor.

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