(Yicai Global) Nov. 13 -- As of midnight on Nov. 12, 2017, Tmall.com, the business-to-consumer retail platform of Alibaba Group Holding Ltd. [NYSE:BABA], ended its Singles’ Day marathon with a turnover of CNY168.2 billion, breaking the transaction record of CNY120.7 billion on last year’s Double-11, as the holiday is also known.
Alipay, Alibaba’s online payment arm, processed up to 812 million orders and logged 1.48 billion payments. Consumers from 225 countries and regions joined in the Double-11 shopping frenzy this year.
Singles’ Day started as a counter-Valentine’s Day college students pioneered in the 1990s to protest societal pressure to wed. The four single digits in the date account for its alternate name. It has now evolved into China’s e-commerce Black Friday.Keywords: Consumer Demand, Double-11 Shopping Festival