Alibaba the Chinese e-commerce giant logged more than 268 billion Yuan or $38.3 billion of sales by customers during the Singles Day celebration in a 24 hour non-stop shopping marathon that exceeded the sales of last year.
Almost half a billion customers from around the world are visiting the website of the Chinese e-commerce website to buy different things. This is the world’s largest shopping event and it has become like a ritual for Asia’s largest company due to its publicity and commercialization. This festival is also known as ‘Double 11’ because it happens in the month of November.
This year’s Singles Day festival was important and was kept on the watch by the experts and analysts due to the global economic slowdown, increase of tariffs and the trade war between the US and China. Also, experts in China have predicted that economic growth will reduce by 6%.
There has been speculation going on around the world about the trade war between China and the US as to when a trade deal might take place. There has been some intent from both countries but there is still a lot of fear and uncertainty in the minds of the investors and the common people. But experts say that companies like Alibaba would not be affected much due to its market size and the volume of transaction.
While Alibaba has achieved record sales this year it remains to be seen how much it will contribute to the bottom line due to the heavy discounts involved.
Singles day is a celebration that emerged from China. It takes its name from the date on which it is celebrated 11th November which is numerically written as 11/11. It resembles an expression for those who are still unmarried and young.
This year the dales grew up by almost 26% up from $30.7 billion last year.