The Chinese e-commerce giant Alibaba recorded $ 84.54 billion (approximately € 74 billion) of orders during its November 11 sales event, the Singles” Day. The Singles day It is a very popular holiday among Chinese youth where pride in being single is celebrated, as opposed to Valentine’s Day. The date 11 November was chosen because of the number 1, which indicates precisely the person alone. Ironically, the party has also become a very tempting occasion in China to celebrate weddings.
Alibaba’s record for Singles’ Day
Most importantly, Singles’ Day has become the biggest online and offline shopping day in the world, with Alibaba shoppers exceeding 168.2 billion yuan (23.3 billion euros) in spending during 2017 celebrations. Retailer JD.com then extended this shopping holiday to 11 days, raising about 17 billion euros and bringing the Chinese total to 39 billion.
Since its launch, the event has become a very important indicator of consumer sentiment in the world’s largest economy. This year’s edition saw the participation of 900 million consumers and 290 thousand brands. Alibaba claimed that almost 400 brands, including Apple and L’Oreal, have achieved sales of over $ 15 million (over 13 million euros) only in the middle of the day of Thursday 11 November.
The event, with which Alibaba now wants to anticipate Black Friday (here you will find all the best offers on Amazon by category), which this year will be held on Friday 26 November, arrives however when overall consumption in China slows down.
But the growth is the lowest ever
In fact, not surprisingly, despite the boom in sales of the giant founded by Jack Ma, which this summer even surpassed Wallmart (it never happened), Alibaba’s growth rate is the lowest ever. During the 11 days of the sales campaign, the Chinese giant recorded a gross commercial volume of 84.54 billion dollars, about 10 billion dollars more than last year, but the growth from previous year levels was the lowest since 2009: it has in fact “just” recorded a +8,45% compared to the first edition of Singles’ Day.
Even before the sale period began, analysts expected Alibaba to fail due to slowing Chinese retail sales, supply shortages, power outages and pandemic-related lockdowns around the world.
Alibaba increasingly green?
Furthermore, Alibaba this year has focused heavily on sustainability, green and disability and has had to deal with the ongoing regulatory tightening by the Chinese authorities. “We have seen constant growth and quality, which reflect the dynamics of the Chinese consumer economy,” said Alibaba vice president Yang Guang, quoted by the online magazine Alizila, managed by Alibaba itself, noting that the group has also focused heavily on the event to promote the platform as a tool “to fulfill our social responsibility”.
Alibaba has promised investments of 100 billion yuan (about 13.70 billion euros) by 2025 for common prosperity, one fifth of which will go to an ad hoc fund, which will be built in Hangzhou, where the giant founded by Jack is based But.
But let’s not forget that the e-commerce giant was fined with one record fine of $ 2.8 billion (€ 2.45 million) for monopoly behavior in April and its founder, Jack Ma retired from the public eye after criticizing the Chinese governor a year ago.