• About
  • Contact
Monday, May 23, 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

Singles Day Sales of Alibaba Hits $16.3 Billion In less Than 90 Minutes

Pritish raj by Pritish raj
November 12, 2019
in Retail, Internet, News
Reading Time: 3 mins read
A A
0
Alibaba Profit Sales- Next Big Brand

Alibaba Sales- Next Big Brand

The Singles ‘ Day shopping bonanza sales of Alibaba Group Holding Ltd. got off to a scorching start, logging more than 114 billion yuan ($16.3 billion) of sales in less than 90 minutes, the equivalent of more than half of last year’s 24-hour record haul.

An estimated half-billion shoppers are expected to flood the pages of the e-commerce giant from China to Russia and Argentina to scoop up everything from iPhones and refrigerators to cashew nuts. The business again hosted a televised music magazine in Shanghai to run alongside bargain-hunting, this time trying to pump up sales by Taylor Swift and Asian pop icon G.E.M.

The largest shopping experience in the world has become an annual tradition for Asia’s largest company, a 24-hour marathon that is the marketing part display and part advertisement blitz.

Often referred to as “Double 11” because it falls on November 11, investors will be closely watching to see how eager Chinese consumers are to spend as economic growth threatens to drop below 6 percent.

Tensions between Washington and Beijing continue to fuel volatility and roil trade. Among China’s largest corporations, it is predicted that Alibaba will be better off the storm thanks to bo.

“Alibaba will probably be the one that will be able to circumvent and come out from the trade war in better shape” versus Baidu Inc. and Tencent Holdings Ltd., Richard Wong, head of ICT for the Asia Pacific at Frost & Sullivan, told Bloomberg Television. “The current sentiment and confidence in terms of spending is still relatively high.”

Although Alibaba and its competitors are regularly reporting trumpets in the aftermath of their activities, it is unknown how much Nov. 11 sales actually add to the bottom line given the huge discount involved.

A special Chinese antidote to the sentimentality surrounding Valentine’s Day arose as Singles ‘ Day. Emerging across the country on college campuses, it takes its name from how the date is written numerically as 11/11, which resembles “baric branches,” a regional term for the unattached.

Now it’s becoming an excuse for splurging people. Alibaba’s revenues soared 27 percent last year to 213.5 billion yuan or the equivalent at the time of $30.7 billion. Over the 24-hour cycle, more merchandise is sold online than over the five-day U.S. holiday buying spree which starts on Thanksgiving and ends on Cyber Monday.

But this year the company faces stiff competition as smaller outlets, like JD.com Inc. and Pinduoduo Inc. –the rapidly growing upstart that is now threatening the territory of market leaders. They are fighting for Chinese shoppers ‘ wallets, particularly in the rural areas that are relatively untapped.

In the run-up to and during the 24 hours, all use strong discounting and hard-selling tactics in a bid to achieve the best record of the previous year.

“Overall, we think this year will probably see a more competitive Double 11 time,” said Ella Ji, an analyst at China Renaissance Holdings Ltd., in a statement. “We anticipate that each platform will spend more on subsidies.” Daniel Zhang, who took over as chairman of Alibaba from billionaire Jack Ma in September, pioneered the show in its current form in 2015.

This year, the Singles ‘ Day impresario is transferring the baton to Jiang Fan, president of Taobao and Tmall e-commerce markets, and a potential successor to Zhang himself.

“Consumers have become more diverse and younger over the years. In order to serve them, every generation of customers needs their own peers, “Zhang said in a post on Alibaba’s website.” I think this young team is the future.

“The 2019 version already comes with subtle twists to the equation. Alibaba, criticized for shipping an unprecedented 1 billion products in a single day to damage the environment— has directed its logistics arm Cainiao to set up recycling centers in 75,000 locations. This says that picking up used packages and packaging will also work for courier companies.

Tags: Alibaba Singles DaySingles Day Shopping Bonanza
Previous Post

Indian Binge Watch More Than 8 Hours A Week, Crosses World Average

Next Post

Netflix Sees Profit In India Amid Intensifying Streaming Wars

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

Paytm ceo
News

Vijay Shekhar Sharma Reappointed as Paytm MD and CEO Till December 2027

May 23, 2022
High street essentials founders
News

High Street Essentials Bags 40 Crore From Stride Ventures

May 20, 2022
Cars24 founder
Automobile

Used Car Ecommerce Platform Cars24 Lays Off 600 Employees To Cut Cost

May 19, 2022
Ola Foods logo
Food

Ola Foods Cancels Expansion Plans, Looks To Integrate With 10-minute Grocery Delivery

May 19, 2022
Sameer Nigam PhonePe CEO
News

PhonePe To Acquire WealthDesk For Around $50 Million & OpenQ For Nearly $25 Million

May 18, 2022
Smytten Founders
News

D2C Sampling Startup Smytten Raises Rs 100 Crore in Pre-Series B Led By Fireside Ventures

May 17, 2022
Next Post
Netflix Stock

Netflix Sees Profit In India Amid Intensifying Streaming Wars

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 brand story BYJU Ravindran Byjus byjus news byjus the learning app Cryptocurrency Edtech Startups Elon Musk facebook fintech news Flipkart funding google Indian OTT Platforms Indian Unicorn Indian Unicorns Indian Unicorns of 2021 Mukesh Ambani Netflix NFT NFT Collection Non Fungible Tokens Ola OYO Paytm Reliance Retail Startup Acquisition Startup IPO startup news india Startups startups in india Swiggy Tiktok TikTok India Twitter Unicorns of 2022 Unicorns of India Unicorn Startups Upgrad YouTube Zomato Zomato App

Instagram

Follow Me!

Recent News

  • Vijay Shekhar Sharma Reappointed as Paytm MD and CEO Till December 2027
  • High Street Essentials Bags 40 Crore From Stride Ventures
  • Used Car Ecommerce Platform Cars24 Lays Off 600 Employees To Cut Cost

Latest News

Paytm ceo

Vijay Shekhar Sharma Reappointed as Paytm MD and CEO Till December 2027

May 23, 2022
High street essentials founders

High Street Essentials Bags 40 Crore From Stride Ventures

May 20, 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.