Alibaba Smashes Owns Record with US$ 25 Billion
On November 11, 2017, Alibaba generated a record by selling US$ 25 billion of product on the Single’s Day, the Chinese biggest online shopping date.
Alibaba — a Chinese e-commerce company that provides consumer-to-consumer, business-to-consumer, and business-to-business sales services through web portals, announced on November 11, 2017, that its Single’s Day sales record hit US$ 25 billion, breaking its own record from last year and marking it as the world’s biggest shopping event.
Single’s Day celebration become an annual 24-hour buying state, which exceeds the collective sales of Cyber Monday and Black Friday in the U.S.
“This is a big event for China, for the Chinese economy,” Joseph Tsai, Alibaba’s co-founder and vice chairman, said. “On Singles’ Day, shopping is a sport, its entertainment.” Tsai said rising disposable incomes of China’s “over 300 million middle-class consumers” was helping drive the company’s online sales – and would continue. “This powerful group is propelling the consumption of China,” he said.
The world’s biggest shopping event began late on November 10, 2017. At midnight, the major placement of pre-orders helped drive a billion dollars sales on the company’s platforms in the initial few minutes and accounted for US$ 10 billion sales in just over an hour.
The shoppers around China searched for bargains and load up their online shopping carts, however, the delivery men – and robots – support for an estimated 1.5 billion parcels, which are expected to be delivered in over the next few days. It was estimated that around 90 percent of transactions were made through mobile phones. Moreover, the company’s processors handled 256,000 transactions per second.
Mike Evans, President at Alibaba, said “The work that’s been done in the integration of offline and online, not just in terms of the technology integration, but the data and efficiencies for brands and the consumer through personalization has been enormous.” He further added, “We see the impact of it in our day-to-day business.”
The total revenue of the Single’s Day sales saw more value as compared to the GDP of Iceland or Cameroon. Cyber Monday sales in the U.S. saw US$ 3.5 billion in online sales in 2016.
Evans said, “On the back of 11-11, we will probably have to distribute north of 700 million packages.” He further added, “That is a massive, massive number of packages that requires a robust logistics network both in China and outside of China, and we will continue to invest in that business, and by moving to a controlling position, we will be able to ensure the right degree of quality.”
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