China's Singles' Day sales on course for new record

11 Novembre, 2019, 11:19 | Auteur: Auguste Feret
  • Alibaba Singles’ Day Set to Top $31 Billion Record Within Hours

Apple, the only non-Chinese brand in the top five smartphone sales charts in China, saw sales in the first 10-minutes on Tmall equal to seven-times its whole-day sales last year, after the USA technology giant offered generous price cuts on its popular products, including the new iPhone 11, at this year's shopping event.

More than 2 lakh brands from 78 countries and regions participated in 11.11 this year, with one million new products on offer.

"This year we will be stimulating consumption demand and supporting lifestyle upgrades in China by supporting lifestyle upgrades in China by supplying all new brands and products and we are excited to see how large and small Australian companies engage with consumers".

During peak hours, consumers placed as many as 544,000 orders on the platforms per second.

The total gross merchandise volume settled through its payments platform Alipay hit 100 billion yuan ($14.3 billion) within 63 minutes and 59 seconds - 43 minutes ahead of last year's pace.

The promotion, now in its 11th year, kicked off at midnight with Chinese bargain-hunters snapping up everything from electronics to clothing and household goods via Alibaba and rival platforms.

During Singles' Day in 2018, Alibaba delivered more than one billion packages during the 24-hour spending spree as hundreds of millions of Chinese spent lavishly on this day that started out in 1993 to celebrate bachelorhood but has since morphed into China's second Valentine's Day.

Worldwide companies also flock to the company's various online platforms, eager to sell everything from liquor to sports cars.

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It is expected that more than 500 million users will flock to the shopping sites, 100 million more than a year ago.

Huawei further extended its dominance in the domestic market in the third-quarter of this year, eroding the market share of all other competitors amid an ongoing USA technology ban which has seen Chinese consumers rally behind the brand.

Alibaba netted online sales worth $30 billion across its platforms on Singles' Day a year ago, dwarfing Cyber Monday's $7.9 billion.

China e-commerce sales also have expanded thanks to the growing diversity of products available to shoppers, and as consumers increasingly seek better-quality, higher-priced goods, analysts say. Alibaba began promoting Singles' Day as another day for love in 2009.

And, with more than half a day left, Alibaba seems on track to exceed 2018's $30 billion haul.

This year's Singles' Day is Alibaba's first without co-founder Jack Ma.

The firm is hoping to raise up to $15bn in a Hong Kong IPO, a report said last week, which would be the city's biggest listing for nine years.

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