Lazada experienced explosive growth in Southeast Asian sales on Singles Day

Lazada experienced explosive growth in Southeast Asian sales on Singles Day

Lazada experienced explosive growth in Southeast Asian sales on Singles Day

Despite strong bottom line results, gross merchandise volume (GMV) growth still dropped to its lowest rate in a year, reflecting a seasonal lull in sales before China's biggest online sale event, Singles' Day, which ended on Saturday.

Alibaba CEO Daniel Zhang speaks at an event in Shanghai after the end of the Singles' Day shopping festival.

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Alibaba Group Holding Ltd.'s Singles' Day generated a record 168.2 billion yuan (US$25.3 billion) in sales, as the e-commerce giant worked with more traditional retailers to sell cut-price goods from at least 225 countries and regions.

JD.com said it began its sales event on November 1 in order to reduce delivery bottlenecks and to give users a chance to spend more time online to make their purchasing decisions.

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". Based on the reported Singles Day growth, we remain comfortable with our 3Q18 (December quarter) China retail commerce revenue estimate of $9.44B (+54% y/y forex neutral)". Singles Day sales dwarf the $12.8 billion in online sales for Black Friday and Cyber Monday, two of the biggest shopping days of the year in the U.S.

The huge rise in sales this year - up 39 per cent from last year - is welcome news for the Chinese government as Beijing increasingly looks towards its consumers at home, rather than exports, for economic... More than 140,000 brands participated in this year's shopping event. While that's only half the growth rate previous year, the event still dwarfs others such as Black Friday and Cyber Monday. But considering the shopping holiday is nowhere near the cultural phenomenon it is in China, and that almost no retailers offline contributed to the buzz, the new record reached shows more people are used to buying online.

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Consumer spending in China accounted for 40 percent of the GDP, compared with nearly 70 percent for the U.S. Reaching that level would translate to annual spending of 700 billion to 800 billion dollars, according to Tsai's projections.

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