12 Nov 2018_campuscad
Chinese e-commerce giant Alibaba Single’s Day Gross Merchandise sales value cross whopping $30 billion in just 24 hours.
With a strong start, Alibaba sold out items worth 1$ billion in just 125 seconds.
Single’s Day in China celebrated in response to the valentine day for being single and on the date 11 Nov as it has all singles (11.11).
Alibaba started Single’s day event in 2009 and conceptualized by current Chief executive Daniel Zhang.
Alibaba Sold items ranging from iphone to milk powder in China and overseas during the 24 hour event on last Sunday.
Top selling brands are Apple, Dyson, Kindle, Estée Lauder, L’Oréal, Nestle, Gap, Nike and Adidas.
In 2017, Alibaba records of $25.3 billion sales on singles day. This is the international event carried out by Alibaba and other Chinese e-commerce platform including JD.com
More than 180,000 brands participated in the Single day event and top sellers are from the United States after China with Japan, South Korea, and Australia etc
Alibaba Group’s 29 different units including its retail chain Freshippo, digital payment system Alipay, cloud system, Brick and mortar Stores backed by Alibaba participated in the 11.11 event to make it grand and successful.
The Indian e-commerce players including Amazon.in and Flipkart together expected to reach around $3 billion in Five days event in 2018. But both the firms eyes to make it $10 billion in the coming couple of years with the strong Supply chains.
“I think you have to understand Alibaba and what Alibaba’s doing in the context of the long-term secular trend that’s developing in China, which is the rise of the Chinese middle class,” said Alibaba Executive Vice Chairman Joe Tsai. ” That trend is not going to stop, trade war or no trade war.”
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