Alibaba Group Holding Ltd (NYSE:BABA) continues to justify its credential as the biggest online company in terms of transactions seen by record sales just a few hours into its annual shopping festival. CNBC’s Eunice Yoon reports that Alibaba’s Singles day is now bigger than Cyber Monday in the U.S in terms of transactions.
Last year, Alibaba Group Holding Ltd (NYSE:BABA) generated a total of $5.7 billion on the singles’ day event and is looking to clock highs of $8.2 billion this year around. Alibaba floated the Singles day event five years ago, which has since grown to become one of the biggest shopping events in the world.
“This day Singles day wasn’t always a commercial holiday, it was a day when people would celebrate singles life. They would go in mass blind dates, and now it has become a celebration of the Chinese Consumers and companies such as Alibaba have had a lot to do with that, “said Mrs. Yoon
Alibaba Group Holding Ltd (NYSE:BABA) is destined to generate record sales in this year’s Singles day event at the back of its financial arm Ant Financial services Group lending record amount to vendors. Alibaba has also raised the maximum credit limit for vendors as it seeks to tap the full potential of the market.
Yoon reports that Alibaba Group Holding Ltd (NYSE:BABA) is looking to bolster past success by tapping into foreign brands, a move that would essentially bolster sales.
“It offers massive discounts it’s been marketing its retailers and in fact the day has become so important to Alibaba it has actually trademarked the date November 11 or double 11. Now that the company has listed in New York, it wants to bring this holiday to the world by inviting more international brands, “said Mrs. Yoon.
Some of the foreign brands participating in this year’s Singles day event include Calvin Klein and Blue Nile Inc. (NASDAQ:NILE). Alibaba Group Holding Ltd (NYSE:BABA) is reportedly using about 27,000 labels as it seeks to attract more customers and merchants with a view of tripling Cyber Monday sales.
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