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giftedviz.com November 24, 2017


Alibaba crushes sales record during Singles' Day

14 November 2017, 12:37 | Austin Hogan

China e-commerce laws

China e-commerce laws

Alibaba once again proved its worthiness as China's king of e-commerce after it smashed a record breaking sale figure of 168 billion yuan ($25.3 billion) at the end of its annual Singles' Day event.

E-commerce company Alibaba saw a chance in 2009, and started pushing it as a shopping day - an online shopping day, of course. Furthermore, the company's trade covered 225 nations and regions worldwide.

The outstanding results also reflect the upgrading of e-commerce itself to something known as "New Retail".

And the sales story this year spilled into the tens of billions of dollars.

While U.S. retailers are preparing for the usual discount sales around Thanksgiving, there was a huge shopping event over the weekend in China.

To pump merchandise, the Chinese company also hosted a star-studded gala with film star Nicole Kidman and American rapper Pharrell Williams.

The Q4 sales event to watch is Singles' Day, which continues to break records. This perhaps makes Singles Day more welcoming to smaller Chinese merchants than Black Friday has been to smaller USA retailers in recent years.

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One key catalyst that worked in Alibaba's favor was that mobile trends soared "higher". This figure represented a 39 percent rise from the figure recorded past year.

The scale of Singles Day is just enormous.

Last year, the sales number rose by almost a third at the eighth iteration of the event - though that was slower than the 60 percent increase logged in 2015.

"I still remember growing up in communist China in the 1970s, when my mother and neighbours would use their ration tickets to buy meat at a state-run store", writes Cindy Sui, a Taiwan-based BBC correspondent who has lived and worked in China for many years.

Jack Ma, the Chinese teacher-turned-business tycoon founded the Alibaba in 1999. China has 731 million internet users, up 6 per cent from 2016, according to government statistics.

Last week during a visit to China by U.S. President Donald Trump, JD said it would buy $2 billion in U.S. goods, including $1.2 billion in beef, over the next three years.

Alibaba said more than 140,000 brand and merchants participated, its payments platform, Alipay, processed 1.48 billion transactions and its logistics provider Cainiao Network processed 812 million total delivery orders.



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