Wednesday , January 20 2021

Alibaba Singles Day still sets up sales records 10 years later




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A screen shows Alibaba's sales volume over 168.2 billion yuan during the 11.11 Global Shopping Festival in Shanghai, China. (Photo: VCG / VCG via Getty Images).

After launching its annual shopping extravaganza at midnight on Saturday night, Alibaba said it already outperformed last year's total sales factor of $ 168.2 billion ($ 24.2 billion) just before 4 o'clock E-commerce the giant is about to break its record step with a significant margin once more.

The launch of the event, which included singers Mariah Carey, Australian model Miranda Kerr and Cirque du Soleil, broadcast live from Shanghai on two tv channels and video streaming platform Youku.

Singles Day has rapidly grown to this year's biggest shopping day, more than the sales generated on Black Friday and Cyber ​​Monday combined. But this year's event takes place against a background that contains a trade war with the United States, a billionaire base Jack Ma recently called the "stupid thing in this world". Alibaba, which began in 1999 as a platform for connecting buyers from all over the world to Chinese suppliers, benefits from the flow of goods across borders.

As part of the company's efforts to expand to Southeast Asia, Alibaba's subsidiary Lazada& nbsp; runs Singles Day campaigns for the first time in Singapore, Malaysia, Thailand, Indonesia, Philippines and Vietnam.

Singles Day, which takes its name from November 11th, is an informal holiday that originally began as an anti-Valentine's day. China's unmarried young adults had celebrated their lack of romantic attachments by splitting gifts for themselves.

Alibaba co-optog the event 2009 at the request of Daniel Zhang, the company's current CEO, who will replace Ma as Executive Chairman next year. Taobao Mall kicked off the first Singles Day by offering discounts of at least 50% along with free shipping in China. Alibaba said it made 52 million yuan in sales within the first 24-hour period on November 11, compared with a daily average of 8 million yuan at that time.

Jack Ma participates in 2018 Investors Day on September 18, 2018 in Hangzhou (Photo: VCG / VCG via Getty Images).

Ma, who is currently rated it richest person in china with a net worth estimated at $ 34.4 billion, has been the leading techist since joining it with 17 other people in the coastal town of Hangzhou. The former English teacher said in September that he would go down from his post next year.

"Starting the process of passing the Alibaba torch to Daniel and his team is the right decision at the right time, because I know they're working with them that they're ready," Ma wrote in a letter to Alibaba employees, customers and investors. "I fully trust our next generation leader."

Zhang has been the architect of Alibaba's Singles Day success for the past 10 years. He has also been credited with a new retail initiative aimed at fusing online shopping with mortar and mortar through his Hema food chain.

Alibaba's follow up plan will see Zhang take over what has become the country's largest internet company with a market share of nearly $ 375.5 billion while at the same time it is in conflict with the trade war abroad in combination with a slower economy and increasing competition from & nbsp;JD.com and Pinduoduo& nbsp; in its domestic market.

Daniel Zhang, CEO of Alibaba, talks during an interview at the company headquarters in Hangzhou, China, September 9, 2017 (Photo: Qilai Shen / Bloomberg).

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A screen shows Alibaba's sales volume over 168.2 billion yuan during the 11.11 Global Shopping Festival in Shanghai, China. (Photo: VCG / VCG via Getty Images).

After launching its annual shopping extravaganza at midnight on Saturday night, Alibaba said it already outperformed last year's total sales factor of $ 168.2 billion ($ 24.2 billion) just before 4 o'clock E-commerce the giant is about to break its record step with a significant margin once more.

The launch of the event, featuring the singer Mariah Carey, the Australian model Miranda Kerr and Cirque du Soleil, was broadcast live from Shanghai on two TV channels and video streaming platform Youku.

Singles Day has rapidly grown to this year's biggest shopping day, more than the sales generated on Black Friday and Cyber ​​Monday combined. But this year's event takes place against a background that contains a trade war with the United States, something billionaire founder Jack Ma recently called "the most stupid thing in the world". Alibaba, which began in 1999 as a platform for connecting buyers from around the world with Chinese suppliers, benefit from the flow of goods across borders.

As part of the company's efforts to expand to Southeast Asia, Alibaba's subsidiary Lazada runs for Singles Day campaigns for the first time in Singapore, Malaysia, Thailand, Indonesia, the Philippines and Vietnam.

Singles Day, which takes its name from November 11th, is an informal holiday that originally began as an anti-Valentine's day. China's unmarried young adults had celebrated their lack of romantic attachments by splitting gifts for themselves.

Alibaba co-optog the event 2009 at the request of Daniel Zhang, the company's current CEO, who will replace Ma as Executive Chairman next year. Taobao Mall kicked off the first Singles Day by offering discounts of at least 50% along with free shipping in China. Alibaba said it made 52 million yuan in sales within the first 24-hour period on November 11, compared with a daily average of 8 million yuan at that time.

Jack Ma participates in 2018 Investors Day on September 18, 2018 in Hangzhou (Photo: VCG / VCG via Getty Images).

Ma, currently rated as the richest person in China with a net worth estimated at $ 34.4 billion, has led the technology giant since joining it with 17 other people in the coastal town of Hangzhou. The former English teacher said in September that he would go down from his post next year.

"Starting the process of passing the Alibaba torch to Daniel and his team is the right decision at the right time, because I know I've worked with them that they're ready," Ma wrote in a letter to Alibaba's employees, customers and investors . "I fully trust our next generation leader."

Zhang has been the architect of Alibaba's Singles Day success for the past 10 years. He has also been credited with a new retail initiative aimed at merging online shopping with mortar and marble stores through his Hema grocery store.

Alibaba's follow-up plan will see Zhang take over what has become the country's largest internet company with a market share of nearly $ 375.5 billion while contravening the trade war abroad in combination with a slower economy and increased competition from JD.com and Pinduoduo in its home market.

Daniel Zhang, CEO of Alibaba, talks during an interview at the company headquarters in Hangzhou, China, September 9, 2017 (Photo: Qilai Shen / Bloomberg).


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