Alibaba’s Singles’ Day sales top $38 billion

Alibaba’s Singles’ Day sales top $38 billion

Alibaba’s Singles’ Day sales top $38 billion

To connect Singles' Day to people outside China, Alibaba has a number of dedicated websites.

Screenshot of the event logo for Alibaba's November 11 shopping festival.

China's economy is in an extended slowdown exacerbated by the U.S. trade war, and the Singles' Day fire sale is viewed as a snapshot of consumer sentiment in the world's second-biggest economy.

It has since evolved into a major shopping event.

The firm said 84 brands including those of Apple, L'Oreal SA and Uniqlo each made over 100 million yuan in sales in the first hour. "This year over 1 million products were launched", said Liu Bo, president of the Taobao and Tmall marketing and operations division under Alibaba Group.

Within the first two hours, the total GMV exceeded 120.7 billion renminbi (USD 17.24 billion), surpassing the total GMV of 2016 11.11. -China trade tensions. Ahead of the November 11 event, China warned Alibaba and JD.com to stop practices that could be deemed as monopolistic, state media reported earlier this month.

China has a 54.7 percent share of the world's e-commerce sales, while the U.S. has just 16.6 percent.

As of 1:00am, the top five countries selling to China during Singles' Day by total GMV remained the same as last year's: Japan, the US, Korea, Australia and Germany.

Swift finished at midnight and Singles' Day began immediately afterwards.

The country's biggest e-commerce company topped last year's record in 16-and-a-half hours. Yet the 27 percent sales growth was the lowest in the event's 10-year history, spurring a search for fresh ideas. Last year, consumers spent 4,000 times more than they did during the first ever Singles' Day event.

The volume of packaging material used by the sectors hit 9.4 million tonnes a year ago, and is on course to reach 41.3 million tonnes by 2025 if they keep up the rate of increase, Greenpeace and other non-government bodies said in a report.

"I think [the] key is to keep offering the quality, innovative products to consumers, and there is still huge room to grow here", Tung said.

China's economy is in an extended slowdown exacerbated by the United States trade war, and the Singles' Day fire sale is viewed as a snapshot of consumer sentiment in the world's second-biggest economy.

Slowing online sales growth has prompted Alibaba to expand in less-developed areas outside of China's massive first and second-tier cities.

Eager consumers also snapped up over 15,000 bottles of Kim Kardashian's KKW Fragrance perfume, after the reality TV superstar conducted a live-streaming session on Tmall last Thursday to promote the brand.

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