World: Alibaba breaks Singles Day record of more than $30 billion in sales and climbing - - PressFrom - US
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World Alibaba breaks Singles Day record of more than $30 billion in sales and climbing

13:15  11 november  2019
13:15  11 november  2019 Source:   cnbc.com

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Alibaba 's Singles Day sales last year exceeded the spending by consumers during any single U.S. shopping holiday such as Black Friday or Cyber Monday. Alibaba 's new Singles Day record comes as it faces a slowing Chinese economy and stiff competition from domestic rivals. While Alibaba is the

Key Points Alibaba smashed through its Singles Day sales record on Sunday. The gross merchandise value (GMV) hit over $ 30 .8 billion in sales in the 24-hour shopping event. Just over an hour in, and sales exceeded billion , five minutes and 21 seconds faster than

Chinese e-commerce giant Alibaba set a new sales record on Singles Day, the world's largest 24-hour shopping event.

A screen shows the gross merchandise volume, a measure of sales, after 12 minutes 49 seconds of Singles Day sales, as it reaches about 7,147,554,107 USD in Hangzhou in China's eastern Zhejiang province early on November 11, 2019.© Provided by CNBC LLC A screen shows the gross merchandise volume, a measure of sales, after 12 minutes 49 seconds of Singles Day sales, as it reaches about 7,147,554,107 USD in Hangzhou in China's eastern Zhejiang province early on November 11, 2019.

Gross merchandise value (GMV), a figure that shows sales across Alibaba's various shopping platforms, surpassed last year's 213.5 billion yuan record (nearly $30.5 billion) on Monday afternoon local time, and kept rising through the rest of the day.

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At the stroke of midnight on Monday, Alibaba said it had racked up $ 30 .8 billion in sales the day before, as Singles Day is now just one of many big shopping festivals each year, she said. Plus, Ms. Lin said, the Singles Day Alibaba ’s track record suggests that when the time comes, it will have

Alibaba Group Holding Ltd. logged 213.5 billion yuan ($ 30 .7 billion ) in sales for its annual Singles ’ Day extravaganza, setting a record as shoppers Alibaba surpassed the 100 billion yuan mark less than two hours into Singles ’ Day , according to Alibaba ’s news website. “We can feel that merchants

It was the 11th edition of the annual Singles Day event — also called the Double 11 shopping festival because it falls on Nov. 11. During the 24-hour period, which began at midnight in Singapore and Hong Kong, Alibaba offered huge discounts across its e-commerce sites such as Tmall.

Alibaba's Singles Day sales last year exceeded the spending by consumers during any single U.S. shopping holiday such as Black Friday or Cyber Monday.

To help boost sales, Alibaba expanded the number of discounted items available in this year's event and put a heavy emphasis on livestreaming via its platforms to help sell goods. Live streaming has become a big part of the shopping experience on Chinese e-commerce sites.

Online personalities often speak to their followers and talk about products as well. On Wednesday, Kim Kardashian did a livestream announcing her fragrance brand KKW will be available for sale on Tmall.

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Alibaba is expected to hit gross merchandising value — or the value of goods sold via its platforms — of around billion , more than the roughly $ 30 More items for sale . Alibaba said that 1 million new products will be on offer during the Singles Day festival. Over the past few years, the categories

Singles ' Day is off to a tsunami of sales , recording billions in business just after the event kicked off this weekend . BABA . By the end, Alibaba claimed $ 30 .8 billion in total on a Twitter post. Often compared to America's Cyber Monday and Black Friday, the unofficial Chinese commercial holiday

Alibaba's new Singles Day record comes as it faces a slowing Chinese economy and stiff competition from domestic rivals. While Alibaba is the name often associated with the mega shopping event, competitors JD.com and Pinduoduo all offer their own sales. JD.com was already offering some Double 11 discounts before the actual day. Even Southeast Asia's e-commerce platforms have jumped on the bandwagon.

The day got off to a strong start for Alibaba. GMV hit $12.01 billion in the first hour. Within an hour and a half, Alibaba's sales exceeded the total reached on Singles Day in 2016.

Some of the top-selling products early in the day included the 5G version of Huawei's Mate 30 Pro smartphone, as well as Apple's iPhone 11 Pro and Pro Max.

Amid the ongoing U.S.-China trade war, there was some concern that American brands could get the cold shoulder from Chinese consumers. But this was not the case.

The U.S. was the second country by GMV in terms of countries selling to China.

Jacob Cooke, CEO of WPIC, an e-commerce tech and marketing firm which helps foreign brands sell in China, told CNBC that jewelry and apparel were the most popular product categories from American retailers.

He said everything his company has managed is "way up over last year."

"There is no downturn there. There is no evidence there is sentiment decline for U.S. brands," Cooke told CNBC.

This is breaking news. Please check back for updates.

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