Alibaba Group Holding Ltd., the leading e-commerce giant in China, generated this year over $9 billion on Singles' Day online shopping bonanza. Foreign sellers also played a significant part as they entered China's e-commerce market.
In the midnight of Nov. 11, also known as "Double 11," online products with unbelievably large discounts were featured by Alibaba's online shopping website and business platform Tmall.com. This year's shopping bonanza is Alibaba's sixth holding of Singles' Day.
"This year [the shopping event] is to prepare the company for its comprehensive globalization after three to five years," Alibaba founder Jack Ma said.
Ma mentioned that the e-commerce firm will need four years more to achieve their target.
According to Alibaba's data, around $5.29 billion worth of products were transacted through Tmall.com. Alibaba said that the figure is comparable to another online shopping spree's sales, the Cyber Monday on Thanksgiving 2013 in the U.S.
This year's Singles' Day is the company's first after going public on the U.S stock market in September. Alibaba Group Holding Ltd.'s stake price increased to $119.15 from $114.5 on Nov. 7.
The record-breaking sales during this year's online shopping spree is a step forward for Alibaba's plan of globalization.
Ma mentioned that the company is planning for an expansion in Europe and the U.S.
Alibaba said that online shoppers from more than 220 countries may take part in the online shopping bonanza through the company's online shopping platforms. Online Chinese buyers can also purchase the discounted products from 5,400 foreign brands from 25 different countries.
The e-commerce firm did not disclose additional data regarding its global sales.
"In order to offer a rapid overseas delivery for Chinese consumers, overseas retailers on Tmall.com accepted pre-orders," said Alibaba COO Zhang Yong.
Zhang noted that some of the products are already in the firm's logistics facilities or under due process by customs.
Tmall's international platform was established in February.
Alibaba general manager Wu Qian said that the move is Alibaba's response to growing demand for foreign products from Chinese consumers.