For those of you who aren’t familiar with Single’s Day, it’s a massive shopping festival that’s the Chinese equivalent of Black Friday, and just like with Black Friday, it causes people to spend billions and billions of dollars on all the sales. According to Alibaba, which is basically the Amazon of China, it earned $14.32 billion from all the sales, with $5 billion of that being earned within the first 90 minutes.
Alibaba Group Holding Ltd’s total value of goods transacted during its Singles’ Day shopping festival was 91.2 billion yuan ($14.32 billion), the Chinese e-commerce giant said in Beijing on Thursday. The numbers got a boost this year from adding the sales from various new channels, including its affiliates and investees. In all, the figure for this year’s Singles’ Day is up 60 percent from 2014. The results are preliminary and unaudited, Alibaba said. Of the total value of transactions, 68 percent was through orders from mobile devices. Six years ago, Alibaba turned Nov. 11 into China’s equivalent of United States shopping event Cyber Monday. It has now become larger than both Cyber Monday and Black Friday combined, and a closely watched barometer of the company’s performance. “Alibaba is positioned as the number one player in the Chinese e-commerce market, so it has to be seen to be maintaining, or gaining ground really,” said Duncan Clark, chairman of Beijing-based tech consultancy BDA.
NOTE: TECHi Two-Takes are the stories we have chosen from the web along with a little bit of our opinion in a paragraph. Please check the original story in the Source Button below.
TECHi weighs both sides before reaching a conclusion.
TECHi’s editorial take above outlines the reasoning that supports this position.
The Pentagon plans to add Alibaba, Baidu, and BYD to its list of Chinese companies linked to the military. This…
Nvidia is pushing hard against doubters like Michael Burry, the Big Short star, who question its sky-high value. The company…
Amazon is currently under investigation by the U.S. Federal Aviation Administration (FAA) following an incident where one of its delivery…
The launch of Starlink’s direct-to-cell service in Ukraine indicates a moment when technology goes beyond mere convenience, it becomes a…
