Lazada experienced explosive growth in Southeast Asian sales on Singles Day


In total it was about $25.3 billion in sales was earned in a single day.

If you hadn't heard, Saturday's Singles' Day sale in China absolutely smashed last year's already phenomenal record, bringing in $25 billion in a day on a single shopping site - Alibaba Taobao. This company has today made the announcement regarding the $19.1 billion generated from the shopping event sales.

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In all, the Nov 11 sale saw a total of 1.48 billion transactions processed by Alipay. At one point, the company was processing 325,000 orders a second. 30, the company recorded net profit of 1.01 billion yuan ($152.68 million) as compared to a net loss of 921.59 million yuan year ago, the company said in a statement. Cyber Monday was also successful: billed as the biggest day in the history of United States e-commerce, it reached $3.45bn in sales, according to estimations by Adobe Digital Insights.

While veterans were recognized in the US and those fallen in the Second World War were to be remembered in Europe, in China, this November 11 was to celebrate singles.

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"The work that's been done in the integration of offline and online, not just in terms of the technology integration, but the data and efficiencies for brands and the consumer through personalization has been enormous", Alibaba President Mike Evans said in an interview on Bloomberg TV. The company is also converting 100,000 retail outlets into so-called smart stores.

China is a major target for most global marketers, not least because it represents still a significant growth opportunity, averaging seven per cent GDP growth per year and with the total spending power of middle class growing even faster.

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Earlier this year, there were reports citing sources that Alibaba along with Paytm Mall (which has Alibaba has an investor) were in discussions with BigBasket to pick up a minority stake for about $200 million. Revenue was up 39.2% on-year to 83.75 billion yuan. Alibaba has said Cainiao expects 3 million people to handle packages during the 24-hour-period.