Saturday, 18 November, 2017

Consumers spend record $25bn in China's Singles Day shopping spree

Michael Evans Alibaba Group president discusses the company’s new retail strategy with Bloomberg’s Selina Wang Michael Evans Alibaba Group president discusses the company’s new retail strategy with Bloomberg’s Selina Wang
Juana Turner | 14 November, 2017, 00:39

Alibaba, China's E-Commerce Giant, Made More Than $25 Billion On Single's Day The Chinese company Alibaba just celebrated Single's Day, a sale that this year racked in more than $25 billion.

The Singles Day extravaganza had begun on Friday afternoon and it was mostly a huge wave of orders placed prior to the start of the event that drove in the billions, just a hour after midnight. Shoppers also spent $3.39 billion on Cyber Monday a year ago, the largest single online shopping day in the U.S., Adobe said.

As tills shut midnight on Saturday, Alibaba's live sales ticker registered 168.3 billion yuan, up 39 percent from 120.7 billion yuan previous year. But considering the shopping holiday is nowhere near the cultural phenomenon it is in China, and that almost no retailers offline contributed to the buzz, the new record reached shows more people are used to buying online.

The sheer scale of Singles Day is mind boggling. It took the company a little over 13 hours to surpass its 2016 record sales of $18.1 billion. Alibaba saw it as an opportunity, and in 2009, it offered its first discounts to celebrate the holiday, turning it into a country-wide phenomenon in only a few years. However, the total tally far exceeds the prediction by 39%, according to Bloomberg. The event helped at least 82 brands top 100 million yuan in sales- Nike Inc., Xiaomi Corp. and Uniqlo Co. coming out as some of the biggest winners.

Ninety percent of transactions took place via the company's Alipay payment solution, up from 82 percent a year ago. JD shares are up 5% today, while Alibaba shares are up only 0.2%. Nicole Kidman, Pharrell Williams and Maria Sharapova appeared on stage this year, and past performers have included David and Victoria Beckham, Daniel Craig and Kobe Bryant.

The gala was held in Shanghai, China, where Alibaba handed out 270 million (about $40.7 million) worth of prizes such as free trips to the Antarctic.

"I have often emptied my "shopping cart" on Singles Day", Zheng said.

"We want to make Singles' Day a more global event". "We could take the gala overseas very soon".

The date, November 11 or 11/11, holds significance as the number one resembles a single person. The U.S. Securities and Exchange Commission launched a probe into Alibaba's accounting practices in 2016, including into its Singles' Day data.

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