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Alibaba Single’s Day sales hit $23 billion in first nine hours

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  • Similar to Black Friday and Cyber ​​Monday in the United States, Singles Day has been promoted as a shopping festival by Alibaba President and CEO Daniel Zhang since 2009.
  • Also known as ‘Double Eleven’, the name of the festival originates on the calendar date on November 11, and the four on 11/11 mean they are single

Chinese e-commerce giant Alibaba Group Holding Inc said Monday that sales of its annual single-day shopping bombing reached 158.31 billion yuan ($ 22.63 billion) in its first nine hours, up 25% that 126.72 billion yuan at the same point last year.

Similar to Black Friday and Cyber ​​Monday in the United States, Bachelor’s Day has been promoted as a shopping festival by Alibaba President and CEO Daniel Zhang since 2009, rapidly growing to become the biggest event of online sales in the world.

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Also known as “Double Eleven,” the name of the festival originates on the calendar date on November 11, and all four of 11/11 mean they are single.

Alibaba earned net sales worth $ 30 billion on its platforms on Singles Day last year, eclipsing online sales of $ 7.9 billion in the United States for Cyber ​​Monday. However, sales growth of 27% was the lowest in the 10-year history of the event, stimulating the search for new ideas.

Citic Securities, in a November 9 research note, predicted that Singles Day sales will grow 20-25% this year, partly slowed by the slowdown in the overall growth of e-commerce in China.

Alibaba Single’s Day sales hit $23 billion in first nine hours

The Chinese retail giant, with a market value of $ 486 billion, started this year’s 24-hour shopping festival with performances by American pop star Taylor Swift and local celebrities like Jackson Yee.

Sales reached $ 1 billion in the first minute and eight seconds and reached 84 billion yuan in the first hour, 22% more than the 69 billion yuan of the previous year.

Singles’ day was one of the main trending topics on the Weibo microblogging platform, similar to China’s Twitter, Monday morning, and users discussed what they spent their money on.

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Alibaba has said it expects more than 500 million users to participate in the shopping festival this year, some 100 million more than last year.

This is the first time that Alibaba Singles Day does not have the extravagant co-founder Jack Ma at the helm after he resigned in September as president to “start a new life.”

It also comes at a crucial time for the company, which seeks to raise up to $ 15 billion through a sale of shares in Hong Kong this month.

Source: indiatimes.com

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