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Alibaba Breaks Its Own Record at China Shopping Festival

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On Saturday, Alibaba the e commerce giant in China launched a Singles Day sales event which resulted in sales worth a whopping $25.4 billion dollars. This extravagant haul at the start of the holiday season, not only established Alibaba’s mega event as the largest shopping festival but also helped them break their own record that was set just a year ago.
Initially, the concept of Singles Day had begun as an event for the lonely singles to shop and have fun, but today it’s one of the biggest and craziest shopping events in the country! Sales during this day single handedly take over sales in the United States during Black Friday and Cyber Monday and as Ben Cavender, principal of the China Market Research Group, based in Shanghai states, “in terms of scale it just dwarfs any other event out there.”
The Singles Day extravaganza had begun on Friday afternoon and it was mostly a huge wave of orders placed prior to the start of the event that drove in the billions, just a hour after midnight. On Saturday, at midnight, an estimate of 168.3 billion yuan was registered on the live sales ticker used by Alibaba which was already 39% more from the 120.7 billion yuan that was made last year. In the beginning, the gross product sale was just short of a billion dollars from last year, but soon broke the record in terms of local currency.
Potential buyers join in from all over China to attend the Singles Day Shopping Festival and they very eagerly load their online carts, trying to figure out the best possible deals as robot and delivery men do their best to deliver approximately 1.5 billion products for the following six days.
Alibaba’s co founder and vice chairman Joseph Tsai has said, “This is a big event for China, for the Chinese economy. On Singles’ Day, shopping is a sport, it’s entertainment.” Tsai has also commented that the rising incomes of the Chinese have resulted into “over 300 million middle-class consumers” and that “this powerful group is propelling the consumption of China.”

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