Monday , March 8 2021

Alibaba breaks Singles Day sales record

Chinese giant sales are 21% higher than in 2017.

Not to be remembered in China on November 11, but the tenth anniversary of the largest Internet exhibition center in Alibaba's Global Shopping Festival. The new sales transaction was $ 30.8 billion (€ 27 billion) in 24 hours, compared to last year's $ 25 billion. Today's online sale, also known as "Singles Day", is one single person because of the four "1s" collections on 11 November (11/11).

After the first hour, Alibaba site organizers knew that great success was born. The sales actually obtained were 21 percent higher than in 2017, largely due to the Taobao application and employed 634 million users. About 180,000 brands have been associated with the event, which Alibaba estimates are as important as Christmas, Black Friday and Cyber ​​Monday.

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Analysts, however, noted that the record for 2016 dropped much earlier in 2017, around the middle of the day. In other words, annual growth was "only" 27%, compared to 39% in 2017. The pace of their eyes would slow down due to the Chinese economy's difficulties, but also the increase in similar forms of expression. "Singles Day is no longer the only opportunity for good business," says analyst Oliver Wyman. This success is a good news for Alibaa, whose share price has fallen by 16% since the beginning of 2016, due to uncertainties about China-US relations.

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