Sunday, 16 December, 2018

Alibaba shopping extravaganza earns US$10b in first hour

Alibaba Singles’ Day 2018 All You Need to Know and How to Shop From India The Alibaba Group claims this year's mega 11.11 sale will be its biggest ever
Kelvin Reese | 12 November, 2018, 03:54

Singles' Day, also called "Double 11" is the world's biggest online sales event, outstripping the sales of U.S. shopping holidays Black Friday and Cyber Monday combined. This year's tally breaks from gloomy forecasts about the world's second-largest economy, which is struggling with a tariff war with the USA, a stock market slump and slowing overall growth.

As a kind of antidote to the societal pressures of being in a relationship, many of China's singles began splurging on themselves on Singles' Day, which became seen as a type of anti-Valentine's Day.

The Twitter-like Weibo platform was blanketed with Singles Day-related posts on Sunday, from users proudly proclaiming they had resisted the shopping urge this year to those who cheerfully listed an array of mundane purchases. In a mere 10 hours time that number has increased to $10 billion.

In the lead-up this year's event, there were concerns that Alibaba and other e-commerce sites like JD.com, which runs a similar sale, may be hit hard by new tariffs on USA goods. It has already discounted the speaker again, in advance of this year's annual shopping event held on November 11.

"If people aren't buying new homes, they aren't buying appliances", he said. This is 21 per cent higher than the 57 billion yuan that the Alibaba Singles' Day sale brought in its early phase previous year.

It is now the world's biggest online sales event and last year's total was more than Black Friday and Cyber Monday's totals combined, according to Bloomberg.

Alibaba reportedly picked the date to organise a huge online sale to drum up revenues in what was traditionally a slow period between National Day in September and the Lunar New Year in February. The tariff fight with the United States is casting a pall not simply over trade, but over China's future writ large.

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Produced by Sun Pictures, the film stars Vijay and Keerthi Suresh in key roles with Oscar victor A R Rahman scoring the music. Referring to the movie industry as "blood suckers", the chief minister also defended the protests surrounding " Sarkar ".

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Sri Lanka captain, Dinesh Chandimal said:It was a really good wicket, our batting was below-par and if you displayed such kind of a batting, you can't stay in the game.

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Trump , speaking just before leaving for an global gathering in Paris to commemorate World War I, refused to answer Phillip. She also addressed how Trump told her to "sit down" on Wednesday as she attempted to ask questions about voter suppression.

The gala featured global celebrity appearances and performances from Miranda Kerr, Mariah Carey and Cirque du Soleil, which viewers were able to watch via two major TV stations as well as Youku's site.

Singles Day "is not a day of discounts, but rather a day of gratitude", Ma said in the video.

The November sale event is expected to founder Jack Ma's last at the helm of the company. "It's when retailers use the best products and best prices to show their gratitude to our consumers". China's digital retailers have come under fire for peddling low-quality and counterfeit items.

The opening of 11.11 global shopping event was enlivened by performances featuring Mariah Carey, Cirque du Soleil and many more.

The occasion also has big environmental implications.

Last week, Alibaba reported quarterly profit and sales well above analysts' estimates, while trimming its prediction for full-year sales by as much as 6 percent, with Ma warning that the economic conflict between the world's two largest economies could last 20 years.

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