• About
  • Contact
Thursday, June 30, 2022
  • Login
Next Big Brand
  • .
  • News
  • Marketing
  • Tech
  • Insight
  • Interviews
  • Internet
  • Startup
  • OTT
  • Industries
  • FMCG
  • CRYPTOCURRENCY
  • Retail
No Result
View All Result
Next Big Brand

Alibaba Records $74bn In Singles Day Sale, Breaks Previous Shopping Records

Pritish raj by Pritish raj
November 12, 2020
in News
Reading Time: 2 mins read
A A
0
Alibaba Profit Sales- Next Big Brand

Alibaba Sales- Next Big Brand

By Wednesday morning, Chinese e-commerce giant Alibaba Group Holding Ltd said orders made during its Singles’ Day mega-shopping festival had surpassed $56 billion, as customers tried to cash in on a deluge of rebates.

The shopping extravaganza this year comes a week after Alibaba lost nearly $76bn of its market value following China’s suspension of Ant Group’s $37bn listing, the financial technology corporation that owns a third of Alibaba.

It also takes place as China experiences an economic rebound after having controlled the spread of the novel coronavirus within its borders after the emergence of the virus in the central city of Wuhan late last year.

The annual online blitz was introduced earlier this year by Alibaba, with two main discount cycles running from November 1 through November 3 and again on November 11.

As compared to the normal 24 hours, the company would measure gross merchandise volume (GMV) for the entire 11-day cycle.

The campaign’s GMV had reached 372.3 billion Chinese yuan ($56.3 billion) as of 12:30 local time (16:30 GMT) on November 11, with the order rate reaching a record high of 583,000 per second, Alibaba said.

At the beginning of Singles’ Day, Alibaba, Asia’s largest corporation, blew past last year’s record $38bn.
Chinese customers, who already buy about 30% of the nation’s online retail sales, have become more focused on e-commerce.

WhatsApp Image 2020 11 12 at 9.41.55 AM

Homebound shoppers transformed grocery delivery into the hottest arena of the industry, anchoring an unprecedented rise in online activity during the national lockdown. Domestic travel is accelerating, helping Alibaba companies like Fliggy, while it is anticipated that a raft of new smartphones released during the quarter would tap pent-up demand for electronics.

Alibaba has said that more than two million new items are being launched, double last year’s number. The Chinese version of TikTok-JD.com Inc and Pinduoduo Inc of Beijing ByteDance Technology Co Ltd also hold their own Singles’ Day shopping events for other companies such as Douyin.

JD.com, which began its shopping promotions on November 1, said it reported sales of 200 billion yuan ($30.3 billion) by nine minutes after midnight on Wednesday, while Alibaba’s part-owned electronics retailer Suning.com Co Ltd said it made sales of five billion yuan ($758 million) in the first 19 minutes of the day.

Discussions about Singles’ Day trended on China’s Twitter-like Weibo, while a Sina Entertainment poll, which attracted 174,000 respondents, found 76,000 people aimed at spending less than 1,000 yuan ($151.60), while only 7,341 expected to spend more than 10,000 yuan ($1,515.92).

The shopping event was first launched in 2009 by Alibaba and has made it the largest online sales festival in the world, eclipsing Cyber Monday in the United States. It reported $38.4bn in GMV a day last year.

Previous Post

Netflix, Prime Video, Hotstar & Other OTT Platforms Under Government Control Now

Next Post

PUBG Mobile Unveils Plans Of Re-Launch Of PUBG In India

Pritish raj

Pritish raj

Pritish Raj is a content writer at Next Big Brand. Hailing from the diversified state of Bihar, he is an engineer by education who chooses the way of poetry, photography, and writing to kick off his career. Highly enthusiastic about brands and startups, he aims to be a travel content creator.

Related Posts

Metawhale Team
Cryptocurrency

World’s First NFT Museum Launched By Metawhale World

June 30, 2022
WhiteHat Jr Ads- Next Big Brand
News

Byju’s-owned WhiteHat Jr Lays Off 300 Employees

June 29, 2022
Reliance CEO Mukesh Ambani
Industries

Mukesh Ambani Resigns as Director of Reliance Jio, Son Aakash Ambani Named Chairman

June 28, 2022
png 20220628 164551 0000
Cryptocurrency

Cryptoys Raises $23 Million to Mix NFTs, Gaming, and Virtual Toys

June 28, 2022
20220627 152251 0000
News

Proptech Startup PropShare Raises $47 Million Led by WestBridge Capital

June 27, 2022
images 9 17
Cryptocurrency

Christiano Ronaldo and Binance Announce NFT Partnership

June 24, 2022
Next Post
PUBG-Ban- Mobile-Next-Big-Brand

PUBG Mobile Unveils Plans Of Re-Launch Of PUBG In India

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

BROWSE BY TOPICS

Acquiring amazon Apple Brands brand story Byjus byjus news byjus the learning app Cryptocurrency Edtech Startups Elon Musk facebook fintech news Flipkart funding google Indian Crypto Startups Indian OTT Platforms Indian Unicorn Indian Unicorns Indian Unicorns of 2021 Mukesh Ambani Netflix NFT NFT Collection NFT India Non Fungible Tokens Ola OYO Paytm Reliance Retail Startup Acquisition Startup IPO startup news india startups in india Swiggy Tiktok Twitter Unicorns of 2022 Unicorns of India Unicorn Startups Upgrad WazirX YouTube Zomato
check more news on that pages youtube converter, filme online 2022, filme porno mature, porno amatoriale, nxnxx.org, https://xvideosxnxx.org, https://xoxporn.net

Instagram

Follow Me!

Recent News

  • World’s First NFT Museum Launched By Metawhale World
  • Byju’s-owned WhiteHat Jr Lays Off 300 Employees
  • Mukesh Ambani Resigns as Director of Reliance Jio, Son Aakash Ambani Named Chairman

Latest News

Metawhale Team

World’s First NFT Museum Launched By Metawhale World

June 30, 2022
WhiteHat Jr Ads- Next Big Brand

Byju’s-owned WhiteHat Jr Lays Off 300 Employees

June 29, 2022
  • About Us
  • Privacy Policy
  • Terms and Conditions
  • Disclaimer
  • DMCA Policy
  • Our Team
  • Contact Us
  • Sitemap

© 2019 NBB. All Rights Reserved.

No Result
View All Result
  • .
  • News
  • Marketing
  • Tech
  • Insight
  • Interviews
  • Internet
  • Startup
  • OTT
  • Industries
  • FMCG
  • CRYPTOCURRENCY
  • Retail

© 2019 NBB. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.