Alibaba Sets E-Commerce Record with Singles Day Shopping Festival

cageymaru

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Alibaba has set a new e-commerce sales record on China's 11.11 or Singles Day as over $30.8 billion was spent during the event. It took the online retail portal 85 seconds to hit $1 billion in sales. Sales increased 27% over last year and more than 1 billion delivery orders were processed. In comparison, America's Black Friday 2017 generated $5 billion in sales. More than 180,000 brands participated in the event and the big winners were Apple, Dyson, Kindle, Estee Lauder, LOreal, Nestle, Gap, Nike and Adidas. Only 17.5% of China's commerce is done online. Additional statistics from the event can be found here.

The Chinese giant is putting a big focus this year on a strategy it calls "new retail," which aims to bring together the online parts of its business with the offline. For example, it has a chain of grocery stores called Hema which allow users to go in and shop, pay with their phone and walk out. "When we talk about new retail, we strongly believe that online commercial world and offline brick mortars are not separate worlds. And if you look at the customer base today, everyone is living in the internet. Everybody is the internet user. You have the same customer base. You must have the same commercial world. It's all about how to innovate online and offline to a whole digitalized commercial world," Zhang told CNBC.
 

tungt88

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In China the biggest winners were American companies... who make the products locally. heh....

So it benefits American companies, but benefits Chinese factories.

60+ years ago, it'd have benefited American companies, and also benefited American factories ...

And yeah, $30.8 billion in sales in a day vs. Black Friday with $5 billion? That's six more times what American consumers were able to put out ... bit scary, that.
 

clockdogg

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So it benefits American companies, but benefits Chinese factories.

60+ years ago, it'd have benefited American companies, and also benefited American factories ...

And yeah, $30.8 billion in sales in a day vs. Black Friday with $5 billion? That's six more times what American consumers were able to put out ... bit scary, that.

American shoppers are slackers. Betraying their consumer duty at the worst moment in history. Not even tariffs will offset this loss of global prestige. Jeff will be angry. So America... get all Primed up and spend your way into insolvent glory!
 
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So it benefits American companies, but benefits Chinese factories.

60+ years ago, it'd have benefited American companies, and also benefited American factories ...

And yeah, $30.8 billion in sales in a day vs. Black Friday with $5 billion? That's six more times what American consumers were able to put out ... bit scary, that.
Well they do have more than 4 times the population of the US, so not that scary.
 

tungt88

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Well they do have more than 4 times the population of the US, so not that scary.

It's "scary" because if that trend keeps up, American companies will be selling more and more of their products in China (meaning that the American economy won't be dependent on American sales, which also means that American companies will try harder and harder to break into the Chinese market, which also means that they will be more and more "beholden" to Chinese government pressure -- you see that already with companies like Facebook, Google, and the like).
 

WBurchnall

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It's also scary because it shows they China has an increasingly larger end stronger middle class whom Chinese companies can manufacture products for and sell for. So the American consumer may be able to done without for a short while. The Chinese government could cripple America in a moment but just refusing to allow exports for 2 weeks.

Imagine the chaos, if nearly everything you rely upon on store shelves, ran empty. Capitalism would be defeated by communists by its own citizens going tribal on one another.

It's not like America could manufacture enough goods to supply its citizens.
 

Dr. Righteous

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There is as many horror stores about Alibaba as I hear of success stories. Makes me very Leary about buying there.
 
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