Sunday , April 11 2021

Alibaba sells $ 10 billion in the first hour of singles day

Alibaba Group, China's e-commerce giant, made a sales of 69 billion yuan (9.92 billion USD) on the first hour of the annual single day, an increase of 21 percent from last year when sales in the first hour hit 57 billion yuan. Singles Day is the largest e-commerce event worldwide, and last year sales amounted to 168 billion yuan ($ 24.15 billion). The Alibaba group has traditionally opened the annual event of a major ceremony this year with the American singer Mariah Carey, a Japanese artist who plays Beyoncé and a performance of Sirk du Soleil. This is expected to be the company's final single day under the chairmanship of founder and chairman, Jack Ma. The group said in September that CEO Daniel Chang would be chairman next year.
While sales are growing steadily, the Group's share decreased by 16 percent this year in a situation of economic uncertainty as a result of growing trade disputes between China and the United States.
Earlier this month, Alibaba adjusted its forecast for full-year earnings, which has worried investors. The company said that expensive commodity sales would be adversely affected. To compensate for this, the company will earn less revenue from its platforms in the short term in order to maintain brands and new buyers. The company said this year that about 180,000 brands participate in the single day and sales are approaching $ 20 billion per hour 10 o'clock local time

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