Monday , September 26 2022

Alibaba to Crash Record $ 25 Billion for "Single Day"



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BEIJING (Reuters) – China's e-commerce giant Alibaba recorded last year's sales for Sunday sales of more than 168 billion yuan (24.15 billion dollars) in less than 16 hours.
Singles Day is the largest e-commerce event in the world, surpassing the United States Day of Shopping, known as Black Friday.
The company ended a sales deal of about 69 billion yuan ($ 9.92 billion) in the first hour of the day, up 21% year-on-year when first-time sales were $ 57 billion yuan. Demand for smart phones and other electronic devices and commodities, such as powdered milk and diapers, has increased.
The company exceeded last year's sales just before 16 o'clock, but the pace is slower than last year, when the 2016 record was discontinued four hours earlier in the afternoon.
Despite strong growth, sales are likely to face unfavorable economic factors and new competition from other shopping events, analysts said.
"As the number of promotions increases annually, 11/11 will not be the only chance to get cheap prices," said David Weib of consulting firm Oliver Wyman.
"Even so, customers who enjoy shopping that day are more likely to enjoy it."
The Alibaba Group has traditionally opened the annual event, with a huge ceremony this year, with American singer Mariah Carey, a Japanese artist who plays Beyoncé and an interpretation of Sirk du Soleil.
It is expected to be the last day of the company, under the chairmanship of its founder and president, Jack Ma. The group said in September that CEO Daniel Chang will be president next year.
While sales are rising steadily, the group's share dropped 16% this year amid economic uncertainty as a result of growing trade disputes between China and the United States.
Earlier this month, Alibaba changed its forecast for total revenue per year, which worried investors. The company said sales of expensive goods would be negatively affected.
To compensate for this, the company will earn less revenue than its platforms in the near future to keep its brands and new buyers, the company said.
This year, Alibaba said that about 180,000 brands attended the single day and sales were close to 20 billion dollars by 10am local time.

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