Alibaba's Singles' Day is retail gold

Nov 12, 2017, 01:58
Alibaba's Singles' Day is retail gold

But, it was transformed into a shopping event akin to America's Black Friday by e-commerce giant Alibaba in 2011.

Since then, the online sales extravaganza has become an annual 24-hour shopping ritual, and the largest of its kind in the world.

As per the company, over 140,000 brands are participating in this year's 11.11, offering promotions for more than 15 million product listings. Shoppers also spent $3.39 billion on Cyber Monday a year ago, the largest single online shopping day in the U.S., Adobe said.

Currently, global purchasers are able to join the festival in China through its delivery arm Aliexpress that enables shoppers around the world to purchase goods from Chinese online merchants.

Total sales at the end of 24 hours.

The yearly display of rising Chinese consumer spending power has become a key date for manufacturers and retailers in the country, accounting for a significant share of annual orders for many businesses.

Alibaba launched "Singles' Day" as the Chinese online answer to the late-November US "Black Friday" shopping rush.

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Just like USA versions of the shopping holidays, Alibaba offered discounts on a variety of goods, from household items to electronic gadgets to clothing to beauty supplies. There were 256,000 payment transactions processed per second by Alipay, Alibaba's Alizila news website reported.

Alibaba and JD stock have both doubled this year as revenues surged.

"This study provides a deep dive into the largest e-commerce market in the world".

The company has converted about 100,000 retail stores to "smart stores", which will allow consumers to receive tailored shopping experience with the use of facial recognition, "cloud shelf" and location-based store and discount recommendations among others.

Greenpeace said "Singles Day" deliveries past year created 130,000 tonnes of packaging waste - less than 10 percent of which is recycled.

It already has a substantial stake in Lazada, an online retailer in Southeast Asia - a hot e-commerce battleground - and recently launched an electronic trading hub in Malaysia, its first outside China.

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