Chinese e-commerce giant, Alibaba Group has recorded a blockbuster of 168 billion yuan ($30.7 billion) in sales for its Singles’ Day extravaganza, after customers across the world shopped in stores and online on the tenth edition of its November 11 shopping festival.
Singles’ Day is also known as Double 11, is the world’s biggest online sales event, outshining US shopping holiday Black Friday. This year’s sales started with a gala event that featured US singer, Mariah Carey and a shoe-shopping-themed Cirque du Soleil performance
The company settled roughly 69 billion yuan in the first hour of Singles’ Day on Sunday, up roughly 21 per cent from last year’s early haul of 57 billion yuan. Items selling well included smartphones, electronics and other staples such as milk powder and diapers.
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Despite continued strong growth, analysts opined that sales are likely to be hit by economic headwinds and new competition from competing sales events.
“With an increasing number of promotion events a year, consumers no longer feel that Double 11 is the only opportunity to get good bargains,” said Pedro Yip, partner at consulting firm Oliver Wyman.
“Having said that, there are more consumers who still enjoy shopping at double 11 than those that don’t,” he said.
It’s expected to be the company’s final November sale event with founder and chairman Jack Ma at the helm of affairs while the current chief executive, Daniel Zhang will take over as chairman in 2019.
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