HONG KONG (BLOOMBERG) – Alibaba Group signed up to $ 10 billion ($ 1.98 billion) in its annual Singles & # 39; extravaganz opening ceremonies, surpassing the beginning of last year and accelerating the record when consumers cried giant online shopping for e-commerce.
China's largest company, which simultaneously used the television entertainment spectacle, where Cirque du Soleil and Mariah Carey continued drumming, 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 Gala of November 11, this year, provides twisted consumer opinions in China when the US tensions and the oblique tariff war subvert the stock market and threaten to weaken the world's # 2 economy.
Alibaba, however, wished to hit 2017's 39 percent growth and 168 billion yuan in transactions, and a branch that deceives the signature of US purchasing days Black Friday and Cyber Monday combined.
The company surpassed the $ 100 billion mark in less than 2 hours of Singles & # 39; Day, according to Alibaba News website.
The challenge of a billionaire Jack Ma and his lieutenant Daniel Zhang is to achieve another record for a revolutionary decade. Cooling economy, saturated markets and competition on small platforms, such as JD.com and Pinduoduo, Alibaba is 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.
The first student favorite, November 11, raised as an antidote Valentine's Day emotional. 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 war and asset values of deflation threaten to interfere with economic growth. China's online retail sales slowed to 24 percent in the third quarter, down 12 percentage points over the previous three months, according to Statistics Finland.
It's been three years since Ma said he wanted to make the Singles Day's global phenomenon. International expansion is a key task for Zhang's efforts to keep breaking records.
Last year, the top three non-Chinese Singles & # 39; s Day markets were Russia, Hong Kong and the United States – in that order. The popular products bought abroad were mobile phones, sweaters and knitted sweaters.
The first day of this year's Singles Day, the countries sold to China were in Japan, the United States and South Korea, and the most popular products from abroad were dresses, sweaters, trousers and hoodies.
At the same time, Alibaba's efforts to push into the United States are sputtering. It rejected the commitment to create one million jobs in the country, lost its culmination in the American deities and rejected plans to partner with Ant Financial to acquire MoneyGram.
US President Donald Trump said in mid-October that he intends to withdraw from the 192-nation US agreement that will give Chinese companies discounted shipping fees for small packages shipped to American consumers, making it 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.