Publicado: Lun, Noviembre 12, 2018
Financiera | Por Marilu Caballero

Alibaba Singles’ Day in China smashes $25 billion sales record

Alibaba Singles’ Day in China smashes $25 billion sales record

Over the last decade, Alibaba has nearly single-handedly turned Singles Day - November 11, or 11/11 - into a cultural phenomenon and by far the biggest day of the year for online shopping.

For Alibaba Group Holding Ltd., that was the year co-founder Jack Ma created China's first retail extravaganza around the holiday of Singles' Day.

For the 10 annual shopping festival, Alibaba Group, whose businesses specialize in e-commerce, retail and artificial intelligence among others, utilized all of its ecosystems, giving carious promotions and discounts to attract online shoppers.

The $US30.8 billion in generated sales is a significant increase from 2017, when customers spent $US25.3 billion.

The Alibaba Singles' Day sale brought in $3 billion within the first five minutes of the sale when transactions for items put on sale are recorded, said a Reuters report.

"We have our own e-commerce platform with Chinese team in Shenzhen", says Bodyguard Pharm CEO Sebastian Kraus.

Below we have answered all your queries related to the Alibaba's Singles' Day sale.

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First and foremost, we really have to admit to ourselves a lot of things are better than past year . We can do better - that's always the case". "Most of the time, 99% of the time, I'm really honest".

Singles Day "is not a day of discounts, but rather a day of gratitude", Ma said in the video.

Singles' Day was started by Chinese students in the 1990s as a version of Valentine's Day for people without romantic partners. Tech companies are antsy about the government's more interventionist attitude toward big business.

"Back in 2013, CNY 35 billion ($5.15 billion or roughly Rs. 34,523 crores) was our one-day GMV (gross merchandise volume)", said Chief Executive Officer Daniel Zhang in a live micro-blog posting on Alibaba's event.

"People are swept up in the festivities", Professor Hong said in a phone interview.

The occasion also has big environmental implications.

While both Alibaba and competitor JD.com have pledged to use biodegradable packaging to cut down on waste, research conducted this month by Greenpeace East Asia said many plastics marked "biodegradable" and used by Chinese e-retailers can break down only under high temperatures in facilities that are limited in number across the country.

Last week, Alibaba reported quarterly profit and sales well above analysts' estimates, while trimming its prediction for full-year sales by as much as 6 percent, with Ma warning that the economic conflict between the world's two largest economies could last 20 years. Pre-sales prior to the event were brisk, with 33 brands on Tmall reporting 100 million-yuan worth of pre-orders, the company said.

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