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If you hadn’t heard, Saturday’s Singles’ Day sale in China absolutely smashed last year’s already phenomenal record, bringing in $25 billion in a day on a single shopping site — Alibaba Taobao.
Over in Southeast Asia, a quieter storm is brewing, but it’s an important indicator of a market that’s rapidly embracing ecommerce.
Lazada — incidentally majority owned by Alibaba — is of the more popular ecommerce sites that sells across the region comprising countries like Singapore, Malaysia, Thailand, and Indonesia.
Saturday’s sale netted Lazada a pretty respectable $123 million in sales, or 6.5 million items, nearly double last year’s performance. Read more…
More about Shopping, Alibaba, Taobao, Black Friday, and Singles Day
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Alibaba’s stellar financial performance continues unabated after the Chinese e-commerce giant again beat analyst expectations thanks to impressive growth in its core business at home. The firm reported total revenue of RMB 55.1 billion ($8.3 billion), beating expectations of RMB 52.2 billion according to a Reuters poll with 61 percent growth. Net profit for the period increased by…