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HANGZHOU / BEIJING, China (November 11): China’s Alibaba said that orders on its e-commerce platforms during the Singles Day shopping show had surpassed $ 70 billion on Wednesday night, as sales consumers tired of the closure squandered up to 16 million discounts. goods.
The world’s largest sales event, overshadowing Black Friday and Cyber Monday in the United States, spans four major days this year, and has so far brought sellers 20 times more orders for value than Prime Day. two-day global from Amazon.com Inc. last month. .
Its size is such that its performance is widely considered indicative of China’s post-virus economic recovery.
“Due to Covid-19, many Chinese are unable to go abroad,” Vice President Liu Bo told reporters. “This actually stimulates online consumption.”
So far, the performance is likely a relief for Alibaba Group Holding Ltd after losing around 10% of its market value last week, when regulators blasted the listing of Ant Group, a fintech subsidiary.
The firm began selling earlier this year to give lesser-known brands more exposure. It has set main discount days for November 1 through November 3, as well as the usual November 11, and is calculating gross merchandise volume (GMV) over the 11 days.
Launched in 2009, the event is typically a flashy one-day event with live performances and last year recorded a record GMV of US $ 38.4 billion. This year, Katy Perry appeared at the Alibaba gala, albeit through a live broadcast.
In addition to offering straightforward price cuts, the event sees shoppers on Alibaba’s many platforms playing mobile games for deals, combining in-store purchases and placing orders in the early hours of the sale to get the best deals.
As of 20:05 pm (1305 GMT) on November 11, GMV had reached 467.5 billion yuan (70.59 billion US dollars), Alibaba said. Previously, he said orders peaked at 583,000 per second. More than 2 million products were featured in the sale for the first time, double from last year.
Luxury blessing
More than 340 companies, including Apple Inc, L’Oreal SA and Huawei Technologies Co Ltd, have exceeded 100 million yuan in sales, with 13 brands registering GMV in excess of one billion yuan, Alibaba said.
Analysts are also expecting this year to be a boon for luxury brands, as consumers accustomed to going abroad for high-end products have been frustrated by coronavirus border closures.
A survey on Singles’ Day spending by Sina Entertainment found that only 4% of the 191,000 respondents planned to splurge more than 10,000 yuan, compared to 43% who intended to spend less than 1,000 yuan.
To encourage spending, live streamers packed pop-up movie studios in a building near Alibaba’s headquarters in Hangzhou, touting the merits of the products for sale.
Luo Lima estimated that she had been in front of the camera promoting maternity products for 24 hours during this year’s sales period, compared to six hours on Singles Day two years ago.
“We broadcast continuously for six hours, without interruption,” he said. “We start with a full meal and get in a good mood. We also make throat lozenges and vitamin drinks.”
Alibaba’s rivals JD.com Inc and Pinduoduo Inc, as well as firms such as Douyin, Beijing’s Chinese version of TikTok ByteDance Technology Co Ltd, are also holding Singles Day events.
JD.com, which began promotions on November 1, said orders at 2:26 p.m. had set a record 243.1 billion yuan.
(US $ 1 = 6.6146 Chinese yuan)
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