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Alibaba – its 11th Singles’ Day event sold goods worth 268 billion yuan, or $38.4 billion-

After 24 hours of frenzied buying and selling, and weeks of advertising and promotions before it, the Alibaba Group said today its sales hit another record high on Singles’ Day, the biggest shopping day on the planet.

The Chinese e-commerce giant said its 11th Singles’ Day event sold goods worth 268 billion yuan, or $38.4 billion, easily exceeding last year’s record $30.7 billion haul. Electronics gadgets and fashion items were among the most sold goods this year, company executives said in an interview.

More than half a billion people from a number of countries participate in the event, which is China’s equivalent to Black Friday and Cyber Monday. Except, Singles’ Day is much larger. The five-day Black Friday clocked under $25 billion in sales last year. Alibaba Group said earlier today that it had netted its first $1 billion in sales today in just 68 seconds.

To bridge people in China and those living elsewhere, Alibaba also maintains a number of dedicated websites. AliExpress sells goods from Chinese brands to international residents; Tmall sells goods from global brands to China; and Taobao sells Chinese brands’ goods to people in China.

The shopping glitz hosted a number of celebrities including Taylor Swift and Asian pop icon GEM to generate buzz. This year, the Hangzhou-headquartered firm has also focused on live-streaming via its platform, a phenomenon that has gained significant traction in China.

“.@AlibabaGroup bags its first 10 billion yuan ($1.43 billion) in just 96 SECONDS on the Singles’ Day shopping event, 29 seconds faster than 2018. Clear evidence that Chinese consumers are not damped by tradewar”, Global Times tweeted.

Updated on 11:29 pm PKT | Mallahpost

sources and images courtesy: techcrunch and twitter

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