Alibaba is slipping despite a record-setting Singles Day

Michael Evans Alibaba Group president discusses the company’s new retail strategy with Bloomberg’s Selina Wang

The top countries selling in China throughout Singles Day include Japan, the U.S., Australia, Germany and South Korea. Looking ahead to the third fiscal quarter for 2018, the analyst forecasts China Retail revenue will grow 45% year-over-year, experiencing overall revenue gains of 44% compared to the 54% seen in the third fiscal quarter of the year before. The e-Commerce giant sold $25.3 billion in merchandise through its marketplaces on November 11, a 39% increase over the previous year. Sales achieved at Amazon's last Prime Day, held in July this year and which actually lasted for 30 hours, were one billion United States dollars.

Chinese consumers have spent billions of dollars shopping online for anything from diapers to diamonds on "Singles Day", a day of promotions that has grown into the world's biggest e-commerce event.

As for the US retailing equivalents just after Thanksgiving, for years the sales figures in China on Singles Day have blown past the totals of Black Friday and Cyber Monday combined.

JD.com said it began its sales event on November 1 in order to reduce delivery bottlenecks and to give users a chance to spend more time online to make their purchasing decisions. About 80% consumers on Alibaba's shopping app are younger than 25, which demonstrates the trust that up-and-coming consumer groups place in mobile transactions.

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Alibaba Group Holding Ltd.'s Singles' Day generated a record 168.2 billion yuan ($25.3 billion) in sales, as the e-commerce giant worked with more traditional retailers to market discounted lobster, iPhones and refrigerators to shoppers from at least 225 countries and regions.

What does it mean that "Singles Day shatters old record?"

This year, Alibaba used Singles' Day to highlight its New Retail initiative, which seeks to tie online and offline more closely.

"I still remember growing up in communist China in the 1970s, when my mother and neighbours would use their ration tickets to buy meat at a state-run store", writes Cindy Sui, a Taiwan-based BBC correspondent who has lived and worked in China for many years. But there were hints of organizers wanting to make Singles' Day an worldwide event. That total was reached in just 13 hours this year. Alibaba has said Cainiao expects 3 million people to handle packages during the 24-hour-period.

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