Online Orders Amount To $14.3bn By End Of `Singles' Day'
It only took Jack Ma half
the time Wednesday to sell the same amount of stuff he did a year ago
with his online channels as the annual Singles' Day shopping event set a
sales record. Transactions through
Alibaba Group Holding during the annual Singles' Day shopping event
passed 57.1 billion yuan ($9 billion) before midday , eclipsing last
year's record with 12 hours still to go. By midnight Beijing time, the
value of the merchandize totalled 91.2 billion yuan ($14.3 billion),
according to statistics displayed at the media centre. The top-selling
items included baby-related and nutritional products, Nike sneakers and
Levi's jeans, the company said.
Ma raised the stakes with this year's event by moving it to Beijing, bringing in more foreign brands and Hollywood celebrities Daniel Craig and Kevin Spacey to add glamour to the shopathon. Tapping into rising disposable incomes has paid off for China's biggest e-commerce emporium as it captures more of China's surging smartphone use with restaurant deliveries and video streaming.
“Chinese consumers have a lot of money in their hands,“ said Chen Xingdong, chief China economist at BNP Paribas in Beijing. “Online retailers need to customize their products to serve these increasingly savvy urban consumers. “ Alibaba's figures come as China's retail sales accelera ted in October, overcoming the slowest economic growth in 25 years.
Retail sales climbed 11%, the quickest gain this year and beating the median economist projection, as the nation's leaders seek to re-balance the economy toward consumption and services.
“The consumers that can create and lead demand will survive,“ Ma said Wednesday night. “In the next 15 years, China's economy will be good.“
Taking Singles' Day festivities to China's political, economic and media hub comes after Alibaba's roller-coaster first year as a public company .A record offering was followed by a record fall below the initial price, allegations the company wasn't doing enough to fight counterfeits on its platforms, and the replacement of its CEO.
Ma raised the stakes with this year's event by moving it to Beijing, bringing in more foreign brands and Hollywood celebrities Daniel Craig and Kevin Spacey to add glamour to the shopathon. Tapping into rising disposable incomes has paid off for China's biggest e-commerce emporium as it captures more of China's surging smartphone use with restaurant deliveries and video streaming.
“Chinese consumers have a lot of money in their hands,“ said Chen Xingdong, chief China economist at BNP Paribas in Beijing. “Online retailers need to customize their products to serve these increasingly savvy urban consumers. “ Alibaba's figures come as China's retail sales accelera ted in October, overcoming the slowest economic growth in 25 years.
Retail sales climbed 11%, the quickest gain this year and beating the median economist projection, as the nation's leaders seek to re-balance the economy toward consumption and services.
“The consumers that can create and lead demand will survive,“ Ma said Wednesday night. “In the next 15 years, China's economy will be good.“
Taking Singles' Day festivities to China's political, economic and media hub comes after Alibaba's roller-coaster first year as a public company .A record offering was followed by a record fall below the initial price, allegations the company wasn't doing enough to fight counterfeits on its platforms, and the replacement of its CEO.
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