Alibaba Group Holding Ltd records 10 billion yuan ($ 1.44 billion) of its sales volume in the annual Singles & # 39; s Extravaganz opening protocols and surpassed the beginning of last year when global buyers made e-commerce giant online shopping.
China's largest company, which attempts to explode companies simultaneously with the television show Cirque du Soleil and Mariah Carey, announced that Xiaomi, Apple and Dyson products were the top three brands in the early part of the year.
The annual retail banquet, originally devoted to the nation's commitment, has become an important challenge not only for the company, but also for the country. The November 11th Gala of this year tells the twin consumers in China when US tensions and obedient supply are warring in the stock market and threaten to dampen the world's # 2 economy.
However, Alibaba wanted to beat 2017's 39 percent growth and 168 billion yuan in transactions that combine black Friday and Cyber-Monday combined.
The challenge of a billionaire Jack Ma and his lieutenant Daniel Zhang is to make another record after a hot ten-year run. Refrigeration, saturated markets and competition from smaller platforms, such as JD.com Inc. and Pinduoduo Inc., Alibaba is now looking for new growth engines.
"Alibaba uses all of its platforms for Singles & Day, which also includes dining and entertainment," Jet Jing, one of the company's top priorities, Tmall's president, said Singles & # 39; Day event. "We associate online purchases with offline physical sales outlets."
Singles Day was a joint venture between Ma and Zhang's brain, who came up with the idea of turning a countercultural holiday venue ten years ago. University students favored on November 11 appeared counterweight to Valentine's Day for emotion. It takes its name on how the day is written numerically 11/11, which resembles "bare branches", a local expression for the unconstrained. Now it has become an excuse for people who eat and eat entertainment programs. It has become so huge that packaging waste – Alibaba is waiting for 1 billion packages to be delivered this year – and potential environmental damage is still delayed.
The CEO, who takes over the retired Ma as chairman next year, must demonstrate that he can continue this legacy. Her Hangzhou-based company also uses the opportunity to test the boundaries of the cloud information system, the delivery and payment system.
Yet this year there is some uncertainty as trade tariffs and the deflation of asset values threaten to interfere with economic growth. China's online retail sales slowed to 24 percent in the third quarter, down 12 percentage points from the previous three months.
It's been three years since Ma said he wanted to make Singles Day's global phenomenon, but that did not happen. International expansion is a key task for Zhang's efforts to keep breaking records. Last year, the top three non-Chinese Singles Day markets were Russia, small Hong Kong and the United States – in that order. The popular products bought abroad were mobile phones, sweaters and knitted sweaters.
At the same time, Alibaba's efforts to push the US are sputtering. It rejected the commitment to create one million jobs in the country, lost its culmination in the American deities and rejected the planned partners Ant Financial to acquire MoneyGram. US President Donald Trump said in mid-October that he intends to withdraw from a 192-state agreement that gives Chinese companies discounts on shipping prices to small packages shipped to American consumers and making it more difficult for Chinese merchants to enter the market.
Southeast Asia gives the clearest indication of Alibaba's ability to go globally. The Singapore-based Lazada, which is now fully under its wing, is still one of the company's relatively bright locations in the midst of China's slowdown and the growing turmoil caused by the trading war.