11/11 is popularly known and well-celebrated as Single’s day in China. This is an occasion where people rejoice on the fact that they are single, this event causes merrymaking and a lot of shopping. Every single Chinese goes crazy on shopping on this particular day because companies offer huge discounts and amazing deals. As we all are aware that Alibaba is China’s largest e-commerce store and it has set a sales record worth $25 billion.
The e-commerce site has said to have processed 256,000 transactions per second via its mobile payment app (Alipay), isn’t it shockingly amazing? It made $25.3 billion via its Tmall and Taobao stores. This new outstanding record is a 39% increase over the last year revenue which was $17. 9 billion.
You must be wondering how did Alibaba make so much money, we have the answer for you. There is a store fee and commission that they charge the sellers with, Taobao helps in bringing money by providing stores with adds.
The site had 812 million orders, it has 14,000 brands out of which 60,000 brands are internationally listed on Tmall. This led to an increase in Alibaba’s quarterly revenue by 61%.
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