Alibaba Hits a New Sales Record – $14.33 billion on Annual Singles Day
Bangalore, India | Red Newswire | Nov 12, 2015 Last Updated at 09:15 PM IST.
Alibaba broke all the records today on annual Singles day by registering a sale worth $14.33 billion. The biggest online shopping day saw people splurging on a number of products. However, China’s economy has been struggling since 2009, worst slowdown in its history.
Around 85 of total retail volume of China comes from Alibaba. The total sail of the company exceeded 57.1 billion yuan i.e., $10 billion that it made last year. Apart from Alibaba, massive sales were observed on other online retailers including Suning Commerce group and JD.com on Singles day which is similar to Cyber Monday of America.
At this time of the year, the household goods are available at cheapest possible prices and so attracts many shoppers. Sun Weimin, Vice Chairman of Suning said around 37,000 health products were ordered by internet shoppers within 11 hours of beginning of the Singles Day.
By the evening 2.20 lakh Xiaomi smartphones were sold. Jack Ma, CEO of Alibaba said this sale represents only a small part of China’s huge domestic demand potential. He said the Singles Day sales benefits not only internet companies and 1000 businesses but also benefits the companies producing quality goods. He said, “China has a middle-class population of 300 million. We believe there will be 500 million within the next 15 years, which would bring huge demand for high-quality products, therefore boosting economic growth.”
The online sale didn’t slow down even when the Chinese lawmakers were presented with a report mentioning that out of total items only 58.7 percent are for sale and remaining 40 percent were counterfeit or shoddy. E-commerce has taken china by storm making it the world’s largest online retail market ($442 billion) beating US ($300 billion).
Source: Indian Express