Alibaba 's Singles' Day shopping extravaganza is on track to surpass last year' s record. When consumers hit the clock at midnight, they peddled everything from home appliances, luxury goods and even cars.
Alibaba hopes to reach 1 billion orders at the end of the 24 hour event, and this year's Single Day is expected to be the largest Alibaba. On Sunday, at 9:32 am, orders of RMB 131 billion (US $ 18.8 billion) were received compared to RMB 131 billion in the same period last year.
In 2017, it consumed 166.2 billion yuan during the daily event of Double 11, becoming the world's largest shopping festival.
For the first time, Alibaba extends its Singles & # 39; Day bonanza to its South East Asian subsidiary, Lazada, as well as its subsidiary Ele.me, Koubei, supermarket chain Hema and other divisions.
The gross turnover (GMV) for this year's Singles & # 39; Day, or total turnover on the platform, is noted as the second largest economy in the world and a measure of retail health.
The trade war with the United States has aggravated the downturn in the Chinese economy, with billions of dollars in tariffs being hit by commodities. Analysts expect trade stalemate with the United States to hit manufacturing numbers early next year. Strong showing of a single day can help resolve concerns that consumer confidence has been hit hard.
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"I believe that if my guess is correct and that 11.11 is a success, I'll come to the bad news sooner than good news, and I will conclude that despite the warning signal, there is a lot of power in the consumer sector," said Frank Lavin, Export Now, former US Trade Representative and Ambassador to Singapore.
Alibaba grew 20-30% over last year's GMV record, shrinking the Chinese economy and lowering consumer confidence, and Alibaba predicted to deliver more than a billion packages.
It has already reached 100 million yuan, ahead of the November 11 Singles Festival, with 33 major brands including Buick, an automaker that has placed orders for 7,000 cars.
After 30 minutes of Singles Day, 30 brands including Nike, Uniqlo, Adidas, Procter & Gamble, Xiaomi and Apple recorded sales of 100 million yuan. In just one second, 3,700 single-day special edition MAC lipsticks were sold out.
Among the top-selling imported products, brand-imported health supplements like Swisse, GNC and MoveFree are the most popular items for Chinese consumers. Consumers bought the most imported goods from Japan, America and Korea.
Singles & # 39; Day got its name on November 11th. The date written with the number 11/11 looks like a "stripped branch".
As part of the antidote to the social pressure of being in a relationship, many Chinese singles have begun to be proud of Singles Day. To protect these consumers, Alibaba held its first Singles & # 39; Day shopping event in 2009 to serve these consumers.
10 years: Single Day & # 39; Christmas Day & # 39;, Boxing Day, Black Friday & # 39;
Today, Singles' Day has expanded into a shopping festival for all, and Alibaba celebrates every year a Double 11 star – Fachga Gala, full of entertainers and performances – to entertain millions of users. This year, the performers of Mariah Carey and Cirque du Soleil have enjoyed the 4 hour gala aired through Alibaba's Youku video platform and other media partners.
The sales of Black Friday and Cyber Monday are so small that it has become the biggest festival in the world.
Every year, Alibaba uses the Test Peter event for new technologies such as New Retail (integration of online and offline commerce) and artificial intelligence and augmented reality.
Other brands and ecommerce companies like JD.com, Mogujie, and VipShop have also jumped into the band through campaigns and promotions to drive buyers to spend on their platforms.
Pascal Martin, a partner at OC & C Strategic Consultants, said: "We expect Singles Day events to be even bigger than they were in the 10th anniversary celebrations. . [within Alibaba’s ecosystem]Youku's video, UC's mobile game, Taopiaopiao's theater tickets, Xiami music, music, travel [Fliggy and so forth.]"
Alibaba South China Morning Post.
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