BEIJING: Chinese online shoppers spent a record $25 billion (SR93.75 billion) on this year’s “Singles Day” promotion run by e-commerce giant Alibaba, up nearly 40 percent from last year, figures showed on Sunday.
At the peak, 256,000 payments were being processed per second on Saturday, the firm said, more than 90 percent of them placed via mobile.
The company’s gross merchandise volume for its annual sales extravaganza known as “Double 11” representing November 11, came in at 168.3 billion yuan, Alibaba said in a statement on its website.
The figure represents sales processed through Alibaba’s online payment system Alipay.
The total sales were up 39 percent from last year’s 120.7 billion yuan — a milestone this year eclipsed in under 14 hours, according to Alibaba.
Rivals such as JD.com also reported brisk business.
Analysts expect Chinese e-commerce retailers to take “Singles Day” — which originally celebrated the idea of being unattached — abroad as growth rates slow in the years ahead.
Chinese state news agency Xinhua reported that more than 140,000 overseas brands participated in this year’s promotion.
“Alibaba looked to elevate this year’s 11.11 from a shopping day to a virtual holiday,” the company said in its statement, “complete with a motto — ‘Wishing you a Happy 11.11’ — that closely resembles the sort of greetings Chinese all over the world exchange at the Lunar New Year.”
China’s e-commerce giant Alibaba takes record $25 billion on ‘Singles Day’
China’s e-commerce giant Alibaba takes record $25 billion on ‘Singles Day’
DP World announces new leadership appointments
DUBAI: DP World announced the appointment of Essa Kazim as Chairman of its Board of Directors and the appointment of Yuvraj Narayan as Group Chief Executive Officer.
Essa Kazim currently serves as Governor of the Dubai International Financial Centre and Chairman of Borse Dubai. He brings extensive experience in financial and economic affairs, having previously held senior leadership positions in several national institutions.
Yuvraj Narayan has extensive professional experience in financial management, corporate finance, supply chains, and global trade. Since joining DP World in 2004, he has led a number of strategic and transformational initiatives that supported the company’s expansion across international markets and strengthened its role as an integrated global provider of end-to-end supply chain solutions.
Narayan has served as Group Chief Financial Officer since 2005, contributing to the company’s financial resilience and operational efficiency.
DP World affirmed that the new appointments support its strategy for sustainable growth and reinforce its role in strengthening global supply chains and supporting Dubai’s position as a leading hub for trade and logistics.
