loading...

11 November 2019 02:39

Alibaba Group Jack Ma Industry

China Singles Day: Fans go nuts over internet sales

Singles' Day – also known as "11/11" or "Double 11" – is a Chinese 24-hour online shopping bonanza hosted by e-commerce behemoth Alibaba. Last year, around one billion packages were mailed to Singles' Day shoppers who spent an estimated $42.46 billion. This year, that record looks set to be shattered, with the New York Times reporting more than 200,000 brands and 500,000 million shoppers are likely to participate. The 2019 Singles' Day was launched by Alibaba with a live-streamed gala complete with a performance by pop star Taylor Swift. According to Reuters, Alibaba raked in an incredible $19 billion in sales within the first hour of Singles' Day launching – a 32 per cent jump from last year.

Last year, more than 2000 Australian brands took part in Singles' Day, with Australia the third largest source country behind only the US and Japan. One of those was a tiny Aussie company with just 15 employees that managed to rake in $2.5 million in one "mind-blowing" day during the sale. Today, Du'It's range of "dry skin" creams are among the top-selling products on China's Alibaba e-commerce network, ranking in the top 5 per cent of Australian-made brands. The 2018 Singles' Day shopping event shattered 2017's record, and Du'It's $2.5 million haul represented a "milestone" for the company. HANGZHOU, China: Chinese e-commerce giant Alibaba Group Holding Inc said on Monday that sales for its annual Singles' Day shopping blitz hit 84 billion yuan (US$12 billion) within the first hour, up 22per cent from last year's early haul of 69 billion yuan.

Akin to Black Friday and Cyber Monday in the United States, Singles' Day has been promoted as a shopping fest by Alibaba Chairman and CEO Daniel Zhang since 2009, growing rapidly to become the world's biggest online sales event. Alibaba saw sales worth US$30 billion on its platforms on Singles' Day last year, dwarfing US$7.9 billion U.S. online sales for Cyber Monday. Yet the 27per cent sales growth was the lowest in the event's 10-year history, spurring a search for fresh ideas. The US$486 billion Chinese retail juggernaut kicked off this year's 24-hour shopping fest with performances by American pop star Taylor Swift and local celebrities like Jackson Yee. Singles' Day was among the top trending topics on China's Twitter-like Weibo platform on Monday morning, with users discussing what they spent on. Alibaba has said it expects over 500 million users to participate in the shopping festival this year, about 100 million more than last year.

free battle

This is the first time Alibaba's Singles' Day does not have flamboyant co-founder Jack Ma at its helm, after he resigned in September as chairman. In addition to longtime rival JD.com, it now faces competition from upstart Pinduoduo, which surged in popularity in 2017 by targeting consumers in China's lower-tier cities. SHANGHAI (REUTERS, BLOOMBERG) - Chinese e-commerce giant Alibaba Group Holding said on Monday (Nov 11) that sales for its annual Singles' Day shopping blitz hit 91.2 billion yuan (S$17.7 billion) within the first hour, up 32 per cent from last year's early haul of 69 billion yuan. Akin to Black Friday and Cyber Monday in the United States, Singles' Day has been promoted as a shopping fest by Alibaba chairman and chief executive Daniel Zhang since 2009, growing rapidly to become the world's biggest online sales event. Alibaba saw sales worth US$30 billion (S$40,8 billion) on its platforms on Singles' Day last year, dwarfing US$7.9 billion US online sales for Cyber Monday. Yet the 27 per cent sales growth was the lowest in the event's 10-year history, spurring a search for fresh ideas. The US$486 billion Chinese retail juggernaut kicked off this year's 24-hour shopping fest with performances by American pop star Taylor Swift and local celebrities like Jackson Yee. This is the first time Alibaba's Singles' Day does not have flamboyant co-founder Jack Ma at its helm, after he resigned in September as chairman. It also comes at a crucial time for the company, which is looking to raise up to US$15 billion via a share sale in Hong Kong this month. Alibaba continues to dominate the online shopping industry, but not without competition. In addition to longtime rival JD.com, it now faces competition from upstart Pinduoduo, which surged in popularity in 2017 by targeting consumers in China's lower-tier cities. Related Story Nov 11 Singles Day sale steals hearts as Singapore's biggest shopping event Related Story Online shoppers all set for Singles Day frenzy The company is also facing stiff competition this year as smaller platforms including JD.com and Pinduoduo – the aggressively expanding upstart that's now encroaching on the market leaders' turf. "Overall, we think this year will likely see a more competitive Double 11 period," Ella Ji, an analyst at China Renaissance Holdings, said in a report. "There's nothing to suggest this won't be another record year for Singles' Day, especially since it opens up not only in China but Asia," said Patrick Winter, managing partner at Ernst & Young.