World's biggest online sale bags a whopping $14 billion

Chinese e-commerce company Alibaba announced that it has netted a whopping $14 billion in the world's biggest online shopping festival, the November 11 ‘Singles Day’. The $14.3 billion figure is way above last year's revenue figures of $9.3 billion.

"This day demonstrates the power of domestic China consumption and the Chinese consumer's strong demand for international products", Alibaba CEO Daniel Zhang said.

Alibaba's NYSE stocks slipped 1.94% to$79.85 on Wednesday despite the sale’s popularity. However, on the brighter side October’s retail sales jumped 11% from last year’s figure, the fastest since December last year.

Alibaba's online payment gateway, Alipay, processed over 710 million transactions during the sale. Over 95 million online shoppers were using the mobile platform.

Image credit: Indiatimes