Chinese retailer Alibaba Group said on 11-11-2019 that sales for their annual Singles’ Day shopping surpassed over $30 billion, And created a record in its 11th year.
The figure is equal to over 80 percent of US competitor Amazon online store sales in the latest quarter and matches takings across Alibaba’s e-commerce platforms on Singles’ Day last year.
Sales growth for the complete 24-hour occasion, however, will be very likely to fall short of the year earlier, analysts said, held back with a slowing overall e-commerce industry in China at a time when the country’s economic expansion is heading toward a historical low.
The event, a gauge of Chinese consumer sentiment, has also become a shop window this year for Alibaba as the firm plans to sell $15 billion worth of shares in Hong Kong this month.The company has spent large to diversify its company however earns fourth-fifths of earnings over .
Alibaba made China’s informal Singles’ Day into a shopping festival in 2009 and built it into the world’s largest online sales Festival, dominating Cyber Monday by the United States that earned $7.9 billion last year. The name is a play on the date, November 11, rendered 11/11 – or Double Eleven, as the event is also known.
The occasion has been replicated at home and abroad, together with Singles’ Day promotions located at rivals such as China’s JD.com and Pinduoduo as well as South Korea’s 11thStreet and Singapore’s Qoo10.
But sales increase for Alibaba on Singles’ Day has weakened as China’s economy slowed. Last year, it posted a 27 percent year-on-year sales increase, the lowest in the event’s 10-year history. Citic Securities forecasts sales to rise 20-25 percent this year.
The Chinese retail juggernaut, with a market value of $486 billion, kicked off this year’s 24-hour purchasing bonanza using a live performance by US pop star Taylor Swift accompanied closely by live-streamed marketing of over 1,000 brands.
Sales hit $1 billion after one minute and eight seconds and reached 158.31 billion yuan ($22.6 billion) in the first nine hours, up 25 percent from the same point last year, Alibaba said.
The firm also said 84 brands including those of Apple, L’Oreal SA and Fast Retailing Co’s Uniqlo each made over 100 million yuan in sales in the first hour.
Over half of merchants on its Tmall marketplace used live streaming to sell products during the event, and sales generated through the medium surpassed 10 billion yuan at 8.55 am (0055 GMT), Alibaba said.
That is actually the very first time Alibaba’s Singles’ Day has been held because its flamboyant co-founder Jack Ma resigned as chairman in September to”start a new life”.
“The younger generation is purchasing more, and also the consumer from rural areas, the clients from lower-tier citiesthey are purchasing products that are stolen,” said Tmall General Manager Alvin Liu told reporters.
The company has said it anticipates to make purchases this past year, about 100 million more than last year. It has also place more emphasis this year on promotions targeting areas out China’s massive initial – and second-tier cities.
JD.com, which started its Singles’ Day promotions on November 1, said transaction volume over the 11 days through Monday afternoon reached 179.4 billion yuan.