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Alibaba nets record $30 billion in Singles' Day haul

12 November, 2018, 12:36 | Author: Shawna Walton
  • Love Bonito is slashing up to 70 per cent off their prices online for 11.11

Chinese internet giant Alibaba Group Holding Ltd. registered record sales on its biggest shopping day, the annual Single's Day, on Sunday generating RMB 213.5 billion (US $30.8 billion) of gross merchandise volume (GMV), an increase of 27 per cent compared to a year ago.

Alibaba's slowed growth may be due to trade tensions between China and the United States, which has weakened the economy in China.

This year it took just under 16 hours for sales to surpass the previous year's full-day sales record of 168 billion yuan (£18.7bn).

Singles' Day, also called "Double 11" is the world's biggest online sales event, outstripping USA shopping holiday Black Friday.

Earlier this month it revised down its full-year sales outlook by 4-6 percent, sending further chills through the company's stock price, which has dropped roughly 16 percent this year after nearly doubling in 2017.

The company is now receiving less in commissions for the time being in order to stay attractive to new consumers as well as keep existing brands.

However, sales for small appliances as well as cosmetics remained strong on Singles' Day, and Alibaba has been attracting new buyers from more rural areas, and large cities such as Beijing and Shanghai also show growth in sales. According to Joe Tsai, the vice chairman of Alibaba, "If people aren't buying new homes, they aren't buying appliances".

The year it was kicked off with a launch featuring celebrities such as Mariah Carey.

The concept of Single's Day was developed by Alibaba co-founder Jack Ma and Zhang, who came up with the idea of turning this counter festive day into a merrymaking shopfest culture years ago.

"Today we reached 200 billion (yuan)".

China's retail power was on full display over the weekend as the country's online shoppers bought goods worth almost $31 billion during the annual 24-hour Singles' Day sales, shattering last year's $24 billion record.

The company settled roughly $1 billion within the first minute and 25 seconds after midnight.

Online shoppers in China have shattered last year's record of $45.6 billion in sales on the country's annual buying frenzy on Sunday (local time) as the tradition marked its 10th year.

Other threats to Alibaba's domination of e-commerce have been events from competitors such as JD.com Inc., which also holds big sales in June and on Singles' Day.

"With an increasing number of promotion events a year, consumers no longer feel that Double 11 is the only opportunity to get good bargains", said Pedro Yip, partner at consulting firm Oliver Wyman.

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