Alibaba and JD set new sales records on their platforms for China's Singles Day, reports CNBC. Singles Day, or Double 11, takes place on November 11. While it used to be a 24-hour sale, it is now a multi-day shopping event ending at midnight on November 11.
Alibaba said gross merchandise volume (GMV) during the 11-day period totaled 540.3 billion yuan ($84.54 billion), a more than 8% jump from last year's 498.2 billion yuan. JD said transaction volume on its platform totaled 349.1 billion yuan ($54.6 billion) during the Singles Day period, a 28% increase from the 271.5 billion yuan recorded last year.
JD says it saw a surge in purchases of luxury products and pet-related goods. Notably, Apple appears have seen strong sales of its iPhone with JD revealing that transaction volume surpassed 100 million yuan in 2 seconds after final sales began on November 10.
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