Sunday , January 17 2021

Alibaba's unique day continues to determine global sales records 10 years later




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A screen displays Alibaba's sales volume of more than 168.2 billion Yuan during the 11.11 Global Shopping Festival in Shanghai, China. (Photo: VCG / VCG via Getty Images).

After launching the annual shopping at midnight on Saturday night, Alibaba said he had exceeded last year's total sales of 168.2 billion Yuan ($ 24.2 billion) shortly before 4pm. The ecommerce giant is on track to overcome its record with a significant margin again.

The start of the event, which featured the singer Maraia Carey, Australian model Miranda Ker and Cirque du Soleil, was broadcast live from Shanghai on two television channels and Youku video platform.

Singles Day grew rapidly to become the biggest shopping day of the year, more than sales made in Black Friday and Cyber ​​Monday together.

This year's event takes place in a scene that includes a trade war with the United States, which is the founder of the billionaire Jack Us which started in 1999 as a platform for connecting buyers from all over the world with Chinese suppliers, benefits from the cross-border flow of goods.

As part of the company's efforts to expand into Southeast Asia, Alibaba's subsidiary Lazadas promoted Singles Day promotions for the first time in Singapore, Malaysia, Thailand, Indonesia, the Philippines and Vietnam.

Singles Day, which takes its name from November 11, an informal celebration that originally started as a Valentine's Day. China's young adults celebrated their lack of romantic habits, hurling gifts for themselves.

Alibaba realized the event in 2009, on the instructions of Daniel Zhang, the current CEO of the company, who will replace Ma as executive president next year. Taobao Mall launched this first Singles Day offering discounts of at least 50% along with free domestic shipping. Alibaba said it had received $ 7.8 million in sales during the 24 hours that began at 12am. on 11 November.

Ma, who is now in the class richest person in China with a net value estimated at $ 34.4 billion, has been the leader of the technology giant since it founded it with 17 other people in the coastal city of Hangzhou. The former England teacher said in September that he would leave his post next year.

"Starting the process of passing Alibaba's light to Daniel and his team is the right decision at the right time because I know from working with them that they are ready" wrote in a letter Alibaba's employees, clients and investors. "I have full confidence in the next generation of our leaders."

Zhang is the successor of Alibaba's Singles Day for the past 10 years. It has also been credited with a new retail initiative that seeks to merge online shopping with brick and mortar shops through Hemma food chain.

Alibaba's successor plan will see Zhang take over what has become the largest internet company in the country, with a maximum purchase of about $ 375.5 billion, unlike the trade war abroad coupled with the slowdown in the economy and increasing competition by & nbsp;JD.com and Pinduoduo& nbsp; in the domestic market.

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A screen displays Alibaba's sales volume of more than 168.2 billion Yuan during the 11.11 Global Shopping Festival in Shanghai, China. (Photo: VCG / VCG via Getty Images).

After launching the annual shopping at midnight on Saturday night, Alibaba said he had exceeded last year's total sales of 168.2 billion Yuan ($ 24.2 billion) shortly before 4pm. The ecommerce giant is on track to overcome its record with a significant margin again.

The opening event, which featured singer Mariah Carey, Australian model Miranda Kerr and Cirque du Soleil, was broadcast live from Shanghai on two Youku video channels and video platforms.

Singles Day grew rapidly to become the biggest shopping day of the year, more than sales made in Black Friday and Cyber ​​Monday together.

This year's event takes place in a scene involving a trade war with the United States, something that billionaire founder Jack Ma recently called "the most stupid thing in this world." Alibaba, which started in 1999 as a buyer platform from around the world with Chinese suppliers, benefits from the cross-border flow of goods.

As part of the company's efforts to expand to Southeast Asia, Aliababa's subsidiary, Lazada, launched Singles Day for the first time in Singapore, Malaysia, Thailand, Indonesia, the Philippines and Vietnam.

Singles Day, which takes its name from November 11, an informal celebration that originally started as a Valentine's Day. China's young adults celebrated their lack of romantic habits, hurling gifts for themselves.

Alibaba realized the event in 2009, on the instructions of Daniel Zhang, the current CEO of the company, who will replace Ma as executive president next year. Taobao Mall launched this first Singles Day offering discounts of at least 50% along with free domestic shipping. Alibaba said it had received $ 7.8 million in sales during the 24 hours that began at 12am. on 11 November.

Ma, currently ranked the richest in China with a net worth of $ 34.4 billion, has led the technology giant since it founded 17 other people in the coastal city of Hangzhou. The former England teacher said in September that he would leave his post next year.

"The start of the Alibaba lens transit process to Daniel and his team is the right decision at the right time because I know from working with them that they are ready," Ma wrote in a letter to her employees, clients and investors Alibaba. "I have full confidence in the next generation of our leaders."

Zhang is the successor of Alibaba's Singles Day for the past 10 years. It has also been credited with a new retail initiative that seeks to merge online shopping with brick and mortar stores through the Hema food chain.

Alibaba's succession plan will show that Zhang will take over what has become the largest internet company in the country, with a maximum purchase of about $ 375.5 billion, unlike trade war abroad, coupled with a slowdown in the economy and growing competition from JD.com and Pinduoduo in the home market.


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