Firstpost
  • Home
  • Video Shows
    Vantage Firstpost America Firstpost Africa First Sports
  • World
    US News
  • Explainers
  • News
    India Opinion Cricket Tech Entertainment Sports Health Photostories
  • Asia Cup 2025
Apple Incorporated Modi ji Justin Trudeau Trending

Sections

  • Home
  • Live TV
  • Videos
  • Shows
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Health
  • Tech/Auto
  • Entertainment
  • Web Stories
  • Business
  • Impact Shorts

Shows

  • Vantage
  • Firstpost America
  • Firstpost Africa
  • First Sports
  • Fast and Factual
  • Between The Lines
  • Flashback
  • Live TV

Events

  • Raisina Dialogue
  • Independence Day
  • Champions Trophy
  • Delhi Elections 2025
  • Budget 2025
  • US Elections 2024
  • Firstpost Defence Summit
Trending:
  • Charlie Kirk shot dead
  • Nepal protests
  • Russia-Poland tension
  • Israeli strikes in Qatar
  • Larry Ellison
  • Apple event
  • Sunjay Kapur inheritance row
fp-logo
Alibaba Singles' Day tops $30 billion in sales but growth rate was at its slowest
Whatsapp Facebook Twitter
Whatsapp Facebook Twitter
Apple Incorporated Modi ji Justin Trudeau Trending

Sections

  • Home
  • Live TV
  • Videos
  • Shows
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Health
  • Tech/Auto
  • Entertainment
  • Web Stories
  • Business
  • Impact Shorts

Shows

  • Vantage
  • Firstpost America
  • Firstpost Africa
  • First Sports
  • Fast and Factual
  • Between The Lines
  • Flashback
  • Live TV

Events

  • Raisina Dialogue
  • Independence Day
  • Champions Trophy
  • Delhi Elections 2025
  • Budget 2025
  • US Elections 2024
  • Firstpost Defence Summit

Alibaba Singles' Day tops $30 billion in sales but growth rate was at its slowest

Reuters • November 12, 2018, 07:55:45 IST
Whatsapp Facebook Twitter

Alibaba Singles’ Day event’s annual growth has reportedly dropped to its slowest-ever rate.

Advertisement
Subscribe Join Us
Choose
Firstpost on Google
Choose
Firstpost on Google
Alibaba Singles' Day tops $30 billion in sales but growth rate was at its slowest

Chinese e-commerce giant **Alibaba** Group Holding Ltd cashed a record 213.5 billion yuan ($30.70 billion) in sales on 11 November during its 24-hour online retail frenzy Singles’ Day, but the event’s annual growth dropped to its slowest-ever rate. Shoppers in China and across the world snapped up hot items including **iPhones** , furniture and milk powder starting pre-dawn, with Alibaba recording roughly $10 billion in sales in the first hour after midnight. [caption id=“attachment_5534451” align=“alignnone” width=“1280”]A screen shows the value of goods being transacted at Alibaba Group’s 11.11 Singles’ Day global shopping festival in Shanghai, China, November 11, 2018. REUTERS/Aly Song A screen shows the value of goods being transacted at Alibaba Group’s 11.11 Singles’ Day. Image: Reuters[/caption] Singles’ Day, also called “Double 11” is the world’s biggest online sales event, outstripping the sales of US shopping holidays **Black Friday** and **Cyber Monday** combined. The Chinese event was originally a novelty student holiday to celebrate being single, countering Valentines Day, but has since grown into a month-long online shopping festival that peaks with a 24-hour sale on 11 November. This year, the company surpassed last year’s full-day sales record of 168 billion yuan in just under sixteen hours. Despite the record haul, the annual sales growth rate fell from 39 percent to 27 percent, at the low end of analyst estimates, and the smallest rate in the event’s 10-year history. It comes as the company is grappling with a slimmer sales outlook amid rising trade tensions the US that have taken a bite out of China’s economy. Earlier this month it revised down its full-year sales outlook by 4-6 percent, sending further chills through the company’s stock price, which has dropped roughly 16 percent this year after almost doubling in 2017. To compensate, the company will take in less commission from its platforms in the near term in order to retain brands and attract new buyers, it said. Online sales growth is also slowing across the board in the country’s eastern mega-cities, including Shanghai and Beijing, and Alibaba said roughly 75 percent of new users last quarter were in “less developed” areas. While small appliances and cosmetics were strong on Sunday, sales in big-ticket items including large appliances slowed alongside a downturn in the housing market, Alibaba vice chairman Joe Tsai told press. “If people aren’t buying new homes, they aren’t buying appliances,” he said. Bigger and bigger Despite the milder growth, executives were upbeat on Sunday at a press event in Shanghai, attended by roughly 800 journalists who watched a live-streamed ticker of the sales. [caption id=“attachment_5534501” align=“alignnone” width=“1280”]Alibaba co-founder and executive chairman Jack Ma. Image: Reuters Alibaba co-founder and executive chairman Jack Ma. Image: Reuters[/caption] “Today we reached 200 billion (yuan). But we have to change. We have to continue to change to reach 300 billion or 500 billion,” said chief executive Daniel Zhang, who is credited with being the architect of the original Singles’ Day sales. Alibaba kicked off this year’s sales with a gala event that featured US singer Mariah Carey, a Japanese Beyonce impersonator and a Cirque du Soleil performance. It’s expected to be the company’s final November sale with founder and chairman **Jack Ma** at the helm, and Zhang will take over as chairman next year, the company said in September. During this year’s event the company said it worked with 180,000 brands across over 200 countries, and shortly before midnight on Sunday it had sent over a billion packages. A disproportionately large number of sales are recorded in the first minutes of the 24-hour spending spree, when transactions occur for items that have been put on hold. The company settled roughly $1 billion within the first one minute and twenty five seconds after midnight. Analysts said the sales continue to be cannibalised by competing events, including the “618” festival spearheaded by Alibaba competitor JD.com Inc in June. “With an increasing number of promotion events a year, consumers no longer feel that Double 11 is the only opportunity to get good bargains,” said Pedro Yip, partner at consulting firm Oliver Wyman. “Having said that, there are more consumers who still enjoy shopping at double 11 than those that don’t,” he said.

Tags
IPhone Alibaba Singles' Day
  • Home
  • Tech
  • News & Analysis
  • Alibaba Singles' Day tops $30 billion in sales but growth rate was at its slowest
End of Article
Latest News
Find us on YouTube
Subscribe
  • Home
  • Tech
  • News & Analysis
  • Alibaba Singles' Day tops $30 billion in sales but growth rate was at its slowest
End of Article

Top Stories

US ready to ‘impose costs’ on Russia if war in Ukraine drags on, says Hegseth

US ready to ‘impose costs’ on Russia if war in Ukraine drags on, says Hegseth

US tells Hamas to stop violence against Gaza civilians and disarm 'without delay'

US tells Hamas to stop violence against Gaza civilians and disarm 'without delay'

China seizes 60,000 maps mislabelling Taiwan, omitting South China Sea islands

China seizes 60,000 maps mislabelling Taiwan, omitting South China Sea islands

Syria’s Sharaa pledges to honor Russia ties, seeks economic and military support in Kremlin visit

Syria’s Sharaa pledges to honor Russia ties, seeks economic and military support in Kremlin visit

US ready to ‘impose costs’ on Russia if war in Ukraine drags on, says Hegseth

US ready to ‘impose costs’ on Russia if war in Ukraine drags on, says Hegseth

US tells Hamas to stop violence against Gaza civilians and disarm 'without delay'

US tells Hamas to stop violence against Gaza civilians and disarm 'without delay'

China seizes 60,000 maps mislabelling Taiwan, omitting South China Sea islands

China seizes 60,000 maps mislabelling Taiwan, omitting South China Sea islands

Syria’s Sharaa pledges to honor Russia ties, seeks economic and military support in Kremlin visit

Syria’s Sharaa pledges to honor Russia ties, seeks economic and military support in Kremlin visit

Top Shows

Vantage Firstpost America Firstpost Africa First Sports
Enjoying the news?

Get the latest stories delivered straight to your inbox.

Subscribe
Latest News About Firstpost
Most Searched Categories
  • Web Stories
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Tech/Auto
  • Entertainment
  • IPL 2025
NETWORK18 SITES
  • News18
  • Money Control
  • CNBC TV18
  • Forbes India
  • Advertise with us
  • Sitemap
Firstpost Logo

is on YouTube

Subscribe Now

Copyright @ 2024. Firstpost - All Rights Reserved

About Us Contact Us Privacy Policy Cookie Policy Terms Of Use
Home Video Shorts Live TV