Alibaba Sets Singles’ Day Sales Record | Bloomberg

Alibaba James Alexander Michie

Members of the media work during Alibaba’s annual November 11 Singles’ Day online shopping event, Nov. 10Photographer: Giulia Marchi/Bloomberg

Alibaba Group Holding Ltd. has set the sales record for singles day with 8 hours to go. Likewise, it has registered 168.3 billion yuan in sales in 16 hours of its annual extravaganza of the Day of the Singles. Thanks to this, Alibaba managed to set a record when buyers flooded the online bazaars of the e-commerce giant. Alibaba surpassed the 100 billion yuan mark in less than two hours on the Day of the Singles, at least according to its website.

It really was a real challenge for billionaire Jack Ma and his lieutenant Daniel Zhang to achieve another record after a decade of scorching long. With a cooling economy, saturated markets and competition from smaller platforms, Alibaba is looking for new growth engines.

Jet Jing, who is the president of Tmall, said “Alibaba is making use of all its platforms to make Singles’ Day a vacation that also includes restaurants and entertainment” he added, “We are connecting online shopping with physical exits offline”.

It should be noted that the Day of the Bachelors was a creation of co-founder Ma and Zhang, who thought of turning counter-cultural vacations into a trade fair a decade ago. The same was initially popularized by university students, on November 11, emerging as an antidote to the sentimentality of Valentine’s Day. It takes its name from the way the day is written numerically as 11/11, which resembles “bare branches,” a local expression for the unrelated. Currently, this day has become the perfect excuse for people to buy, eat and enjoy entertainment programs. It has had a great impact in such a way that packaging waste and potential damage to the environment remains a persistent problem.

On the other hand, three years have passed since billionaire Jack Ma said he wants to make the Day of the Bachelors a global phenomenon. International expansion will be a key element of Zhang’s effort to keep breaking records.

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Source: Bloomberg

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