Happy Singles Day! (^_^)y
Posted: Mon Nov 11, 2019 5:05 amSingles Day is one again shattering e-commerce records, with Taylor Swift being wheeled out on stage in Shanghai for the amusement of Chinese revellers and online sales already 4x those seen during the second biggest event of this nature, Cyber Monday:
https://www.telegraph.co.uk/business/20 ... ngles-day/
Alibaba said sales for its annual Singles' Day shopping blitz have exceeded $30bn, putting the event on track to set a record in its 11th year.
The figure is equivalent to more than 80pc of Amazon's sales in its most recent quarter and matches takings across Alibaba's e-commerce platforms on Singles' Day last year.
The event, a gauge of Chinese consumer sentiment, has also become a shop window this year for Alibaba as the retailer prepares to sell shares worth $15bn in Hong Kong later this month. The New York-listed company has spent big to diversify its business yet but still makes more than fourth-fifths of revenue from e-commerce.
Alibaba turned China's informal Singles' Day into a shopping event a decade ago and built it into the world's biggest online sales fest, dwarfing Cyber Monday in the US that make $7.9bn last year. The name is a play on the date, November 11, rendered 11/11 - or Double Eleven, as the event is also known.
https://www.telegraph.co.uk/business/20 ... ngles-day/
