Chinese web commerce giant Alibaba Group Holding Inc said on Monday that product sales for its annual Singles’ Day shopping blitz hit 91. 2 billion yuan ($13 billion) within the first hour, up 32% from last year’s early haul of 69 billion yuan.
Akin to Black Friday and Cyber Monday in the United States, Singles’ Day has been promoted as a buying fest by Alibaba Chairman and Chief Executive Daniel Zhang since 2009, growing rapidly to become the world’s biggest online sales event.
Also known as “Double Eleven”, the festival’s name originates from the calendar date 11/11, with the particular four ones referencing being single. Alibaba saw revenue worth $30 billion on its platforms on Singles’ Day last year, dwarfing $7. 9 billion U. S. on the internet sales for Cyber Mon. Yet the 27% sales growth was the lowest in the event’s 10-year history, spurring a search with regard to fresh ideas.
The $486 billion Chinese retail juggernaut kicked off this year’s 24-hour purchasing fest with performances simply by American pop star Taylor Swift and local celebrities like Jackson Yee.
This is the 1st time Alibaba’s Singles’ Day time does not have flamboyant co-founder Jack Ma at its helm, after he resigned in September as chairman.
It also comes at the crucial time for the company}, which is looking to raise up to $15 billion dollars via a share sale within Hong Kong this month.
Alibaba continues in order to dominate typically the online searching industry, but not without competition.
In addition to longtime rival JD. com, it now faces competitors from upstart Pinduoduo, which surged inside popularity throughout 2017 by simply targeting consumers in China’s lower-tier cities.