Sunday , September 25 2022

Alibaba breaks sales record for Single Day



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Sales by the Chinese giant are 21% higher than in 2017.

No commemoration in China on November 11th, but the tenth anniversary of the largest Internet trade fair, the Global Shopping Festival hosted by Alibaba. A new sales record was set at $ 30.8 billion (€ 27 billion) during the 24 hours of the event, compared to 25 billion last year. This online sale day, also known as the "Single Day," due to the four "1" of November 11 (11/11), meant to be a single person, is particularly popular.

From the very first hour, organizers of the Alibaba site knew it was a great success. Indeed, sales were 21% higher than those in 2017, largely due to Taobao, with 634 million users. Approximately 180,000 brands joined the event, which Alibaba's estimates are as important as Christmas, Black Friday and World Cyber ​​Combinations.

»READ AND – Alibaba, an omnipresent empire in the everyday life of the Chinese

Analysts, however, noted that the 2016 record was beaten much earlier in 2017, around noon. In other words, year-on-year growth was "only" 27% versus 39% in 2017. In their eyes, this pace of slowdown would be due to the difficulties faced by the Chinese economy, but also to the multiplication of identical manifestations. "Singles Day is no longer the only opportunity for a good deal," says an analyst at Oliver Wyman. This success is good news for Alibaba, whose share dropped 16% since early 2016, being penalized by uncertainties about China-US relations.

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