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etvfutures.com November 19, 2017


Chinese splurge £19bn in 'Singles' Day' shopping spree

13 November 2017, 06:37 | Cesar Cruz

More than 70 per cent of orders were placed on mobile devices during Lazada’s Singles’ Day sales

More than 70 per cent of orders were placed on mobile devices during Lazada’s Singles’ Day sales

TV and online retailer Momo.com Inc (富邦媒) said revenue skyrocketed 150 percent year-on-year to NT$740 million (US$24.51 million) on Singles' Day, also known as "Double 11" for the November 11 date, from NT$300 million on the same day last year. It began the sale on November 1 in order to reduce delivery bottlenecks and give users a chance to spend more time online to make purchasing decisions. "We could take the gala overseas very soon". About 80% consumers on Alibaba's shopping app are younger than 25, which demonstrates the trust that up-and-coming consumer groups place in mobile transactions.

Although the celebration for single people has existed since the mid-90s, the annual event has become a relevant date for online retailers in China since 2009, when Alibaba began offering discounts on its e-commerce platform.

The huge rise in sales this year - up 39 per cent from last year - is welcome news for the Chinese government as Beijing increasingly looks towards its consumers at home, rather than exports, for economic...

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"The fact that Singles' Day this year happened to be on a weekend also gave consumers more time to shop", the company said in a statement. According to JD.com, this year's sales included eleven days of transactions. To that end, Alibaba teams fanned out across the nation before the event to help outlets - some 600,000 mom-and-pop convenient stores and about 1,000 brands - upgrade their computer systems. China has 731 million internet users, up 6 per cent from 2016, according to government statistics. The goods are shipped from dedicated Alibaba warehouses, skipping middlemen. The interactive show, aired on Thailand's most watched channel and live-streamed on Lazada TV, featured celebrities singing and taking part in interactive games. Ma's company spent billions buying into grocers, shopping malls and even department stores years before Amazon announced its $13.7 billion acquisition of Whole Foods Market Inc. More than three-quarters of a billion people visited Alibaba platforms and had access to more than 60,000 worldwide brands and over a million individual retailers. Alibaba is already starting to see the initiative trickle into the top line.

850 million orders in total were recorded on Saturday.

And on this day i.e. 24 hours Alibaba handled a transaction of 1.48 billion.



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