Chinese E-Commerce Giant Alibaba Did a Record Business of $9.3 Billion on Singles Day
E-commerce giant Alibaba created records in online selling. The e-commerce site sold things worth $ 2 billion in the first hours of its ‘Singles day’ shopping bonanza yesterday. In 2014, the online retailer did a business of $ 5.8 dollars during its Singles Day offer.
Beijing: In 2014, Alibaba did a business of $ 9.3 billion on its Single Day shopping bonanza. This is equal to nearly Rs. 56,000 crores in Indian currency. 42.6 percent transactions among these were done though mobiles. On the other hands, the online retailer also achieved a record by being listed on New York Stock Exchange with $ 25 billion.
Alibaba is offering huge discounts on November 11 since 2009. There are more ‘1’ in the date on 11th November and thus this day is celebrated as ‘Singles Day’ at Alibaba similar to that of Cyber Monday or Black Friday in America. According to Internet Analytics organization, Alibaba ‘Singles Day’ made more business that what Thanks Giving Day, Black Friday and Cyber Monday together did. In 2013, on all these three shopping festivals nearly $ 3.7 billion business was done. In China Singles Day is called Anti Valentine’s Day.
Highlights of Alibaba’s Singles Day Shopping Bonanza celebrated on November 11
- In the first 12 seconds from launching this offer, more than $ 2 billion deals were done
- This year more than 27,000 brands and companies participated in Singles Day. customers from 220 countries participated in this 24 hour shopping festival
- Xiaomi technology Co of China sold more than ten lakh handsets on this Single Day
- Alibaba is one of the largest e-commerce site in China. T-mall is the retail website of Alibaba through which all transactions are done. Outside China, goods are sold via Ali Express and T-mall global service.
- Singles Day was introduced in 2009 and only 27 merchants participated in the sale
- In 2014, this festival was global and reached more than 200 countries
- The participating merchants announced their prices before October 15 this year
- Deposits were taken for the selected item buy the full payments were taken on Singles’ day
China is one of the fast growing e-commerce market and is bigger than that of US. But the problem is with delivering the orders on time. Alibaba decided to invest 100 billion renminbi to link up third party companies to deliver the orders.
