Singles 'Day, the world' s largest online shopping store organized by Alibaba, has changed the way some agencies do business in China, particularly in the management and promotion of brands in online shops, Adjustment to competitors. Alibaba Group Holding Ltd.'s Singles Day festival posted a record 120.7 billion yuan (17.73 billion US dollars) in sales on Friday, although the gala day saw a slow Chinese buyers looking for deeper discounts and lower prices. In the midst of fanfare and celebrity razzmatazz, sales on Alibaba's platforms had run to a billion dollars in less than five minutes and broke last year's total with almost nine hours of the gala Shopping for a day to spare.
+32% growthThe final total marked a 32 percent increase from 2015, but growth was significantly lower than the 60 percent increase last year, a reflection of more caution among buyers who chose to spend less For each purchase than in previous years. The 24-hour event, held annually on November 11, provides a benchmark for Alibaba's performance and a glimpse of the Chinese swing to online shopping, especially via smartphones.
Singles Day is not just a numberAlibaba President Jack Ma downplayed the importance of the final figure in a speech shortly before midnight, echoing other leaders who spoke during the day. "Singles Day is not just a number," said Ma, adding that the gross market value (GVM) metric was "misleading" because it underestimated the company's broader ecosystem . GMV refers to the value of goods sold by sellers via Alibaba's platforms. Alibaba earns money through advertising and billing sellers a part of their sales.
Double 11", moves even more merchandise than Black Friday and Cyber Monday sales"When volumes started to grow a little slower, I became more relaxed," Ma said, citing the challenge of handling such a number of orders. "We do not want to collapse the entire logistics system." The discount shopping day, also known as "Double 11", moves even more merchandise than Black Friday and Cyber Monday sales days in the United States combined. The slowdown in sales growth occurs in the midst of a more saturated online retail market, a weaker economy and low personal income growth hitting consumer portfolios. A strong US dollar also reached dollar wholesale sales.