Alibaba Singles' Day sales hit $10 billion in first hour

12 November, 2018, 07:00 | Author: Teresa Adams
  • Alibaba Singles’ Day 2018 All You Need to Know and How to Shop From India

This year's China's Singles' Day e-commerce shopping frenzy has shattered records.

Alibaba is today hosting its Singles' Day Sale, which happens to be one of the biggest online sales in the world.

CGTN's Wang Qi-Wei reports.

Washington imposed tariffs on $250 billion worth of Chinese goods since the trade war began in July, while Beijing has imposed tariffs on $110 billion of USA goods in retaliation.

The gala featured worldwide celebrity appearances and performances from Miranda Kerr, Mariah Carey and Cirque du Soleil, which viewers were able to watch via two major TV stations as well as Youku's site. It's also made some key steps overseas, including taking control of Lazada to bring Southeast Asian consumers in on the Singles' Day shopfest.

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The gala was so huge that Alibaba founder Jack Ma chose to debut his 22-minute short film featuring A-list Chinese actors such as Jet Li and Donnie Yen there past year. And Alibaba hopes it will make all the difference on this year's Singles Day ー and for Alibaba's future.

Alibaba's Singles' Day celebration is the biggest shopping day of the year, as the company dominates the Chinese e-commerce market.

Singles Day "is not a day of discounts, but rather a day of gratitude", he said in the video.

The November sale event is expected to founder Jack Ma's last at the helm of the company.

"Singles Day is different now - it has more tricks than before", Ren said.

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The chief executive, who takes over from a retiring Ma as chairman next year, must prove he can carry on that legacy.

Chinese e-commerce platforms have come under fire in the past for peddling low-quality and counterfeit items.

"For sure every year the number is getting bigger and bigger, and people are always asking Daniel what is the ceiling of this and can you still grow so fast", Zhang said. At some point, when growth starts decelerating quickly, the event could change, to focus on one week's sales instead of one day's, or on something else entirely.

"With an increasing number of promotion events a year, consumers no longer feel that Double 11 is the only opportunity to get good bargains", said Pedro Yip, partner at consulting firm Oliver Wyman. His Hangzhou-based company also uses the occasion to test the limits of its cloud computing, delivery and payments units.

This month, Alibaba cut its sales forecast for the year ending in March by around 5 percent, citing the wobbly economy and the trade war.

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To compensate, the company will take in less income from its platforms in the near term in order to retain brands and new buyers, it said.

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