Alibaba hit $9.3 billion sales on Singles Day

Alibaba Group major shopping shopping bonaza, Singles' day recorded sales of more than$ 9 billion. This online event illustrated the buying power of the Chinese consumer, says a Reuters report.
Alibaba hit $9bn sales on Singles Day

China’s online giant, Alibaba Group has made a commendable sale of over $9.3 billion from its annual 'Singles' Day' shopping event, says a Reuters report.

The real-time figures projected on Alibaba's Hangzhou campus surged last year’s record to 57.1 billion yuan ($9.3 billion) after Chinese and overseas shoppers snapped up heavily discounted goods from the website post mid-night, says the report.

On comparison with the Cyber Monday and Black Friday in the United States, the shopping day was held in less than eight weeks after Alibaba's record $25 billion (about Rs1,54,000 crores) public share listing in New York.

Meanwhile, Jack Ma, Founder and Executive Chairman, Alibaba group asserted ,”Alibaba's financial services arm, Alipay, also ‘will definitely go public’, probably in China.’

However, later he mentioned about the nervousness he felt over the higher pressures and expectations set by the Chinese online giant.

According to a BBC report, Amazon has adopted the Singles' Day Bonanza in 2009 in a bid to boost its sale. Since then, it has become a massive day of sales for fast emerging e-commerce market of China.

Significantly, the market is expected to grow at an annual rate of 25 per cent, from $390bn in 2014 to $718bn in 2017, over the next few years, says a recent study unveiled by a management consulting firm, AT Kearney.

 

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