HANGZHOU, China (Reuters) – a Chinese retailer Alibaba Group Holding Ltd. for the sale of the 24-hour Singles’ Day shopping blitz and hit a record of $38.4 billion, more than U.S. rival Amazon.com Inc. haul last quarter, the online store selling them.
However, the growth in sales for its annual shopping festival is eased to 26 per cent, the lowest since the event was launched in 2009, with a delay in the e-commerce industry in China, as the country’s economic expansion, in the direction of a historically low level.
In the event tmsnrt.rs/2WTFm7V, a gauge of Chinese sentiment in the market, it also has a display this year for Alibaba, as it plans to sell $15 billion worth of shares in Hong Kong this month. The US-listed company has been a large diversification of its activities and still earn more than four-fifths of its revenue from e-commerce.
Alibaba turned to China for an informal Singles’ Day into a shopping event in 2009, and built it into the world’s largest online sale of london, dwarfing Cyber Monday in the United States increased from $7.9 billion in the previous year. The name is a play on the date, Dec. 11, the molten 11/11 – or king-size Bed, and Eleven, when the event occurs, it is also well-known.
The event, which is now being replicated within the country and abroad, including among others, the Singles’ Day promotions can find in rivals such as China’s JD.com Inc., and Pinduoduo Inc., South Korea’s 11thStreet and for Singapore, Qoo10.
Alibaba said on Monday its gross merchandise volume, or GMV, for the whole event, reached 268.4 billion yuan ($38.4 billion), an increase of 26% compared to the previous year, but Citic Securities’ forecast of a 20% to 25% expansion.
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In 2018, it posted a 27% sales increase.
The Chinese retail juggernaut, with a market value of $486 billion, which is the kick-off for this year’s 24-hour shopping bonanza, with a live performance by AMERICAN pop star Taylor Swift, to be followed by a live stream of marketing that are more than 1,000 brands.
The company said the 84 brands, including Apple Inc., L’oreal SA, and Fast Retailing Co Ltd’s Uniqlo, each with more than 100 million yuan in sales, in the first hour.
More than one-half of the merchant on the Tmall marketplace, it is used in live streaming products to be sold at the event, along with the revenue generated by the medium exceeded 10 billion yuan, at 8.55 a.m. (0055 GMT), Alibaba said.
“Almost all of our brands have been chosen for live streaming of promotions for this year,” said Josh Gardner, who is helping foreign companies to sell products on the Tmall as the CEO of Kung Fu Data.
Display the value of the property that is to be done when the Alibaba Group’s Singles Day a global shopping festival, at the registered office of the company, in Hangzhou, Zhejiang province, China, on November 12, 2019. REUTERS/Aly Song
“It’s more fun than reading a product’s detail page. The movement of live streaming, it is easy to get into trading, and Tmall, to support shops that are run live streaming the activities of the resources.”
A single supplier, a New Zealand-based food supplement maker is a Clinician, broadcasting livestreams, from a stand set up at Alibaba’s campus. According to Carlos, Zhao, China’s market manager for the company, it has seen a 40% jump in sales after it started live streaming in China for six months in the past.
“This is a kind of new-Zealand, all of it is in English, and a lot of people have been selling other similar products, so that customers do not wonder, ‘Which one do I choose?'” he also told Reuters. “It’s a livestreamer that can help to overcome these barriers.”
Tmall, has said that it is expected that more than 500 million users to make purchases this year, about 100 million more than in the previous year. It also has more and more the focus of this year’s promotions are targeted on areas that are outside of China’s major first – and second-tier cities.
“The younger generation is buying more of it, and the customer is in a rural area, and the customers of the lower-tier cities, the purchasing of imported products, Tmall, General Manager, and Alvin Liu told reporters.
The first Day, it is well-known that it is a very stressful time for Alibaba employees, with employees sleeping in the office to keep up with the orders.
This year, at Alibaba’s campus in Hangzhou, workers hustle and bustle around in a red t-shirt with the slogan, ” Make 11 happen.
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Percussion echoes through the halls of the departments to be afraid of large drums, each and every time that a sales record has been broken. Pink-favor – dingshenggao, or, the triumph of the cakes’ are eaten by the Cantonese troops of the Army during the Song Dynasty, and the completion of the office / snack bars to.
This is the first time that Alibaba’s Singles’ Day has been held since its flamboyant co-founder Jack Ma to resign as president in September to start a new life”.
Reporting by Josh Horwitz, in Beijing; Additional reporting by Brenda Goh in Shanghai and Cheng Ling in Beijing; Editing by Christopher Cushing, Emelia Sithole-Matarise and Himani sarkar