Singles Day of Alibaba has set a new record in achieving high sales volume.
The Chinese giant Alibaba was able to show record sales on Singles Day on Nov 11. Last year, Alibaba’s sales were at 213 billion yuan across its various platforms, which is almost $30.5 billion.
But this year, sales volume went beyond this record volume by Monday afternoon and kept rising even further.
China’s consumer giant has brought in more discounted products to attract the most number of customers into its sale across all platforms this year. E-commerce sale has improved with livestreaming.
Top selling products at Alibaba’s Singles Day were the Huawei smartphones 5G version and iPhones from Apple. U.S. apparels were also some of the best selling products at the sale.
It was expected that the Chinese consumers may shun U.S. products citing trade war between the two countries. But sales continued as usual, with U.S. products selling fast. Apparel and jewelry were some of the fast-selling U.S. goods.
The Single’s Day is a shopping festival for the singles and falls on 11 Nov. The shopping festival at Alibaba lasts for 24 hours. Usually, sales volume reaches record highs as various products are available at huge discounts across various sites of Alibaba.
This is the 11th year of celebration. The shopping festival was first started in 2009. But it has grown and expanded and this year, the event has about 200,000 brands in it. Alibaba has grown from being an e-commerce giant, expanding into financial services and artificial intelligence too.
Though China’s economy is facing a slowdown with the trade war, sales have been brisk as consumers purchased heavily through Alibaba’s e-commerce sites. Last year, the Singles Day sale went beyond the combined sale of Black Friday and Cyber Monday. Sales this year have been much higher.
Alibaba is listed in the U.S. and intends to list in Hong Kong too.