Alibaba says Singles’ Day gross sales hit 91.2 billion yuan in first hour

SHANGHAI: Chinese language e-commerce big Alibaba Group Holding Inc stated on Monday that gross sales for its annual Singles’ Day procuring blitz hit 91.2 billion yuan ($13 billion) throughout the first hour, up 32% from final yr’s early haul of 69 billion yuan.

Akin to Cyber Monday in the USA, Singles’ Day has been promoted as a procuring fest by Alibaba Chairman and Chief Government Daniel Zhang since 2009, rising quickly to grow to be the world’s largest on-line gross sales occasion.

Often known as “Double Eleven”, the pageant’s title originates from the calendar date 11/11, with the 4 ones referencing being single. Alibaba noticed gross sales value $30 billion on its platforms on Singles’ Day final yr, dwarfing $7.9 billion U.S. on-line gross sales for Cyber Monday. But the 27% gross sales progress was the bottom within the occasion’s 10-year historical past, spurring a seek for contemporary concepts.

The $486 billion Chinese language retail juggernaut kicked off this yr’s 24-hour procuring fest with performances by American pop star Taylor Swift and native celebrities like Jackson Yee.

That is the primary time Alibaba’s Singles’ Day doesn’t have flamboyant co-founder Jack Ma at its helm, after he resigned in September as chairman.

It additionally comes at a vital time for the corporate, which is trying to increase as much as $15 billion by way of a share sale in Hong Kong this month.

Alibaba continues to dominate the web procuring business, however not with out competitors.

Along with longtime rival JD.com, it now faces competitors from upstart Pinduoduo, which surged in recognition in 2017 by concentrating on customers in China’s lower-tier cities.

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