Monday , March 27 2023

Alibaba records sales record for Singles Dai


Sales by the Chinese giant are 21% higher than in 2017.

No commemoration in China on November 11th, the tenth anniversary of the biggest Internet fair, the Global Shopping Festival, hosted by Alibaba. The new sales record was set at $ 30.8 billion (27 billion euros) during the 24-hour event, compared to 25 billion last year. This online sales day, also known as the "Singles Dai," because of the four "1s" of 11 November (11 November) that is presented for one person is particularly popular.

From the first hour, the organizers of the Alibaba website knew that there was great success. Indeed, the sales achieved were 21% higher than those of 2017, largely thanks to the Taobao application, with 634 million users. About 180,000 brands joined the event, which estimates Alibaba are important as Christmas, Black Friday and Ciber Monday.

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Analysts, however, noted that the record in 2016 was beaten much earlier in 2017, around noon. In other words, annual growth was "only" 27% compared to 39% in 2017. In their eyes, this slowdown may be due to the difficulties faced by the Chinese economy, but also on the multiplication of identical manifestations. "The Singl Day is no longer the only opportunity for a good job," says analyst Oliver Viman. This success is good news for Alibaba, whose stock market has fallen 16% since the beginning of 2016, punished for uncertainty about relations between China and the United States.

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